Ratnaafin: a prodigious financial services provider secures NBFC & Insurance broking licenses

Geared up for the next phase of major expansion, prodigious Ratnaafin has secured the mandatory license to operate as a non-banking financial corporation (NBFC) from the Reserve Bank of India (RBI). Ratnaafin has added another feather in its cap, bagging the insurance broking license from Insurance Regulatory Development Authority (IRDA).

Ahmedabad (Gujarat) [India], October 26 (ANI/PRNewswire): Geared up for the next phase of major expansion, prodigious Ratnaafin has secured the mandatory license to operate as a non-banking financial corporation (NBFC) from the Reserve Bank of India (RBI). Ratnaafin has added another feather in its cap, bagging the insurance broking license from Insurance Regulatory Development Authority (IRDA). Ratnaafin hopes to bring the much-needed financial services breather to small businesses and start-ups hit hard by the COVID-19 disruptions. The COVID-19 economic downturn has been one of the worst in recent times, affecting almost all the sectors. Ratnaafin, a financial service provider, with the insurance broking and NBFC licenses hopes to work with the small and medium enterprises, besides start-ups.

"The NBFC certification will help us cater to the needs of micro and small enterprises operating in tier 2 and 3 cities which struggle to obtain credit from mainstream banks. Our NBFC is positive and driven to bridge the gap to enable comprehensive growth to support MSMEs who lack collaterals and have limited credit history," said Nilesh Sanghvi, Co-Founder, and Director of Ratnaafin. Sanghvi is also a member of the promoter family of Ratnamani Metals and Tubes Ltd, a company with a market value of more than Rs 5,000 crores. "The current insurance market is seller-driven, with almost no client representation, which puts the clients at a disadvantage. Ratnaafin Insurance Broking's goal is to become a tech-enabled company that will bring greater accessibility to the insurance network for the clients," said Malav Desai, another Co-Founder and Director of the company, while describing the current financial challenges.

He further stated that the goal of Ratnaafin is to offer all financial services under one single umbrella with a common digital platform, optimising deal and price discovery, credit analytics, decision-making algorithms and documentations. "With such a harmonised technological model, Ratnaafin would help in making financial decisions convenient, quick and Transparent for the user," he added. With a retailer base of more than 1500 clients, Ratnaafin provides world-class loans, insurance and financing solutions to help individuals and organizations compete in the market all over the world. The company has so far set up four branches, while fast becoming a pioneer in the finance industry.

From arranging finance to Micro, small and medium enterprises (MSME) sector to providing home loan and corporate loan, the company has experts from various fields, giving best financial advice to valued customers. Also, Ratnaafin is the one-stop solution for all debt, loan and financial requirements, besides solving debt requirements of the customers. Launched in 2018, Ratnaafin has successfully served more than 1000 customers and has syndicated debt transactions of more than Rs 1000 Crore. The core team has a cumulative experience of 50 plus years in finance, credit ratings, manufacturing and trading, offering a wealth of guidance during deal execution as well as a general knowhow about the market at large.

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