BSE SME listed Veefin Solutions has migrated to the main board of the National Stock Exchange (NSE) and the BSE, more than three years after its SME IPO. Veefin’s shares opened for trade on the BSE mainboard at ₹249.75 (2.5% higher than previous close) and at ₹250.84 on the NSE.
Veefin’s market capitalisation as of 13:20 IST stood at ₹633.76 Cr ($67.61 Mn). Shares of Veefin were trading 1.2% higher at ₹249 apiece on the BSE and 1.2% higher at ₹246.65 apiece on the NSE around 13:30 IST.
Veefin listed on the BSE SME platform in July 2023 at ₹86.05, a near 5% premium from its IPO price. The company’s ₹46.73 Cr IPO comprised about 57 Lakh shares, with equal parts of fresh issue and offer for sale shares.
Its mainboard debut comes on the heels of the company solidifying its financial position over the recent quarter. Its operating revenue for the first half of the ongoing fiscal year (H1 FY27) doubled to ₹238.8 Cr while its consolidated net profit zoomed 127% YoY to ₹24.9 Cr.
Veefin reported a 127% year-on-year (YoY) increase in consolidated net profit to ₹24.9 Cr in H1 FY27 from ₹11 Cr in the corresponding period last year. Net profit was also up 9% from ₹22.8 Cr in H2 FY26.
In Q2 FY27, Veefin’s net profit rose 61% sequentially to ₹15.3 Cr from ₹9.5 Cr in the preceding quarter. Operating revenue increased 9% sequentially to ₹124.7 Cr from ₹114.2 Cr, while total income stood at ₹125.7 Cr.
The company also reported a deal pipeline of around ₹920 Cr alongside its half-year results. Around 84% of the pipeline comprises opportunities from banks and financial institutions outside India, with Southeast Asia emerging as a key market.
The mainboard listing is expected to widen access to Veefin’s shares among retail and institutional investors. Unlike the fixed trading lots on the SME platform, the main boards allow investors to buy and sell shares individually.
Veefin Bets On AI Employees
In a statement, the fintech SaaS company said that it will now look at expanding beyond fintech with an AI platform that enables businesses to deploy digital employees for defined roles. Alongside the listing, the company announced a rebranding from veefin.com to veefin.ai, reflecting the growing role of AI in its products and growth strategy.
Its next growth opportunity is through the Veefin AI Operating System (AIOS), a platform designed to help businesses create, deploy and supervise AI employees for defined roles.
Veefin has developed more than 1,000 reusable AI skills and has started deploying AIOS internally across three functions: customer implementation, customer support and software testing. The company is using these deployments to improve productivity and build experience before offering the platform to customers.
The company sees an opportunity to cross-sell the platform to its current customers and reach enterprises beyond the financial services sector.
“We listed on the SME platform three years ago as a supply chain finance technology company. We come to the main boards as a multi-product company whose revenue has more than doubled in the past year, and with many more investors able to take part in what we build next,” Gautam Udani, vice chairperson, cofounder and COO of Veefin Group, said.
Founded in 2020 by Udani and Raja Debnath, Mumbai-based Veefin develops lending, supply chain finance and transaction banking software for banks, NBFCs, fintech companies and enterprises.
The company began with supply chain finance and has since expanded into trade finance, cash and liquidity management, loan origination, loan management, collections, and corporate and retail digital banking. Its customers use its technology through complete applications, platforms or individual components integrated into their own systems.
Veefin has also expanded through acquisitions and strategic investments, including stakes in digital marketing firm White Rivers Media, generative AI startup Walnut AI and lending enablement platform EpikInDiFi.
The mainboard transition follows a similar move by E2E Networks, which made its BSE mainboard debut in June after being listed on the NSE since 2018. E2E took the direct listing route to list its shares on the BSE.