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Trucap Finance inks pact with Shivalik SFB

January 13, 2023

Trucap Finance inks pact with Shivalik SFB
Trucap Finance on January 12 signed a partnership with Shivalik Small Finance Bank for sourcing and managing retail gold loan assets. But the stock closed today’s trading session with a 2 percent loss at ₹64.30. It has a market capitalisation of ₹747 crore.

With a loan book of over ₹500 crore, TruCap aims to build social capital by providing small-ticket gold loans and business loans to MSME borrowers.

“Trucap Finance acting as business correspondent (BC) for Shivalik Small Finance Bank will originate new business and help in scaling up the customer base,” the financial services company said in its BSE filing.

Shivalik has recently completed its maiden equity raise of over ₹100 crore of equity capital from marquee investors including Accel, Quona Capital and Bharti AXA Life Insurance as it aims to become the go-to bank for small businesses and retail customers.

“Trucap can build a partnership with Shivalik Small Finance Bank over the next 3-5 years,” Rohanjeet Singh Juneja, MD & CEO of Trucap Finance said.

Trucap, which has over 70 branches across seven states in India, already has a substantial co-lending partnership for MSME gold loans with Central Bank of India.

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