Advik Capital open to partnerships with fintech cos

NBFC Advik Capital is open to exploring partnerships with financial technology companies as it looks to expand business, a top company official said on Monday.

The company is looking to expand its personal loans, gold loans and consumer durable financing portfolios in addition to its corporate loan segment.

''Advik Capital is open to exploring any possible partnerships or joint (projects) ventures with any possible partner, fintech is an interesting direction and will surely be included in the exploration for expanding business,'' the company's director (Finance) Madhur Bansal, said.

Advik Capital, which is listed on NSE and BSE, last month launched a rights issue to raise around Rs 50 crore. It plans to deploy the proceeds instantly in hybrid annuity model funding, he said.

''It is almost agreed upon and the final agreements are in process, it will be done and the funding disbursed within April 2022,'' Bansal said.

On the RBI tightening norms for NBFCs, Advik Capital said that the RBI regulations may pose certain limitations but NBFC business will sustain and grow considering the overall economic growth in India and the segments targetted for Advik business expansion.

Citing an RBI report, the company said Non-Banking Financial Companies (NBFCs) are expected to remain buoyant going ahead, helped by the revival in the economy and an increased pace of vaccinations.

Shares of the company spurted by 4.83 per cent to settle at Rs 5.21 apiece on BSE.