TRUST Fintech Limited (TFL), aleading provider of Saa Sproduct-focused fintech software solutions, on Saturday announcedthefilingofitsDraft Red Herring Prospectus (DRHP) with NSE Emerge.The company’s initial public offering comprises a freshissuance of62,82,000EquityShares,each with a face value of Rs 10. The company has designated Corporate Capital Ventures as Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar.TrustFintechis from the MSMEx SME IPO Cohort programme.

 

The Nagpur-headquartered company provides Core Banking SaaS Products and Fintech Software Solutions around ERP Implementation and Customized Software Solutions Development, SAP B1 and Offshore IT services for the BFSI sector. AccordingtoDRHP,thecompanyintends toutilisenetproceeds from the IPO to establisha new development facility at Mihan SEZ in Nagpur, to procurehardwareandupgrade IT infrastructure; to enhance, maintain, upgrade existing products,tofunditsglobaland domestic business development, sales, marketing and general corporate expenses. Trust Fintech has been aggressivelyexpandingitsbusiness operations in India and abroad by adapting to the ever changing regulatory compliances of the global BFSI sector.

 

The company operates through its offices in Nagpur, Pune and Mumbai. The companyisplanningtoincreaseits workforcefromtheexisting263 employeesto1000peoplewithin the next three years. The company primarily implements and deploys its flagshipcore bankingsoftware products- TrustBankCBSand MicroFinS. While Trust Bank CBS meets the needs of medium to large banks and financialinstitutions,whereasMicro Fin Sprovides services tosmall andgrowingco-operativesocieties, SACCOS and other similar banking institutions.

 

The company implements Trust Bank CBS in more than 1,250 bank branches in India and plans to ramp up implementation in 2250 branches by FY25. Trust Fintech was founded by Hemant Chafale, Heramb Ramkrishna, Mandar Kishor Deo with a focus on delivering securedcorebankingsolutions and world-class technological solutions to a virtually integrated banking and financial eco-system.The companyhas evolved over the last 25 years, adaptingtothetechnologyand market shifts to reach its currentbusinessmodel andproduct version.