Hemant Chafale, the city-based entrepreneur who has mastered the art of the strategic pivot, is unlike his fast-moving peers. Hemant isn’t afraid to embrace a slow and steady approach, fostering consistent growth over two decades for his software development company. But now, with a solid foundation in place, the techie is ready to take off. Today, his company is on expansion spree, planning to double its workforce in a matter of months, a testament to Hemant’s keen eye for the right time to strike. Hemant Chafale led Trust Fintech Limited, currently boasting a team of 300 software engineers, plans to double its workforce in a short time frame of just two to three months. To fuel this ambitious growth strategy, the company has recently launched an Initial Public Offering (IPO) targeting a capital raise of Rs 63.45 crore. This move signals Hemant Chafale’s willingness to leverage public investment to propel his company towards exciting new heights. Trust Fintech, having its corporate office in the city’s IT Park, will also have a footprint in more than 10 countries across US, West Africa, South Africa, East Africa, and Middle East in coming days.

 

A leading provider of SaaS product-focused fintech software solutions, the company recently made a stellar debut on the NSE Emerge platform. The stock was listed at Rs 143.25, at a premium of 42 per cent over the fixed price band of Rs 101. Earlier, the issue received an overwhelming response from the investors as it recorded 108 times subscriptions till the final day of bidding garnering bids worth over Rs 4,585 crore. Today the market capitalization of Trust Fintech Limited is more than Rs 600 crore. Highlighting the ambitious expansion plan, Hemant Chafale said the company intends to utilise net proceeds from the IPO to set up a new development facility at Mihan SEZ in Nagpur. “We are also looking at procuring hardware and upgrading IT infrastructure, to enhance and upgrade existing products,” Hemant Chafale said exuding faith in country’s rapidly growing economy. Elaborating on his journey, Hemant Chafale recently told The Hitavada how he set up his company in 1997 after gaining hands-on experience in instrumentation engineering from companies like Bombay Dyeing, Essar Projects and Indo Rama Synthetics. “We started with a small investment with a handful of employees.

 

But right from the beginning, we focussed on developing the skills of team members and developed a strong bond with them. We paid them salaries at par with the markets but refrained from offering huge packages. This conservative approach helped us maintain our balance sheet strong and eventually streamline our cash flow,” he said. As of now, the company is working in the BFSI sector, providing core banking software to all types of financial institutions such as banks, co-operative societies, micro finance companies, non-banking financial companies (NBFC) etc. CEO and Managing Director of Trust Fintech Limited, Hemant Chafale, did his schooling form Somalwar High school Ramdaspeth and engineering from Shri Guru Gobind Singhji Institute of Engineering and Technology (SGGSIE&T), Nanded. Besides doing business, he also believes in giving back to the society and thus contributes to various social causes. He is President of Prof Rajendra Singhji Science Exploratory; Director of Nagpur Nagrik Sahakari Bank Ltd, one of the leading scheduled multi-state commercial banks; Member at various associations such as Vidarbha Association of Software Exporters, Rotary Club of Nagpur Downtown and Charter Member of TIE Nagpur.