Niyogin Fintech Limited received first motion approval from the National Company Law Tribunal (NCLT), Chennai Bench, on September 11, 2026, for its proposed Composite Scheme of Arrangement and Amalgamation. The order directs the convening of meetings for equity shareholders and creditors to vote on the scheme.

The scheme involves demerging the NBFC business of Niyogin Fintech into a new entity, Niyogin Finserv Limited, and amalgamating the remaining business with iServeU Technology Private Limited. This restructuring aims to separate the lending and distribution verticals from the technology and investment holdings, allowing focused growth and independent valuation for each segment.

Meeting schedules and quorum requirements

The NCLT has directed specific meetings to be held on October 30, 2026, at the registered office in Chennai or via video conferencing. The tribunal dispensed with meetings for certain classes where consent affidavits were already obtained.

Financial position of applicant companies

The application filed under Sections 230-232 of the Companies Act, 2013, disclosed the financial summaries of the three entities as on March 31, 2026. Niyogin Fintech holds the largest net worth among the applicants, while iServeU reports higher turnover relative to its net worth.

Regulatory approvals and conditions

The scheme has previously received an observation letter with 'no adverse observations' from BSE Limited on January 22, 2026, and in-principle approval from the Reserve Bank of India (RBI) on May 12, 2025. The RBI advised the company to apply for registration of Niyogin Finserv Ltd as an NBFC-ND before approaching the NCLT for the demerger.

The NCLT noted that Moneymap Investment Advisors Private Limited is a step-down subsidiary of Investdirect Capital Services Private Limited. The tribunal directed the applicant companies to furnish board approvals regarding Moneymap along with the second motion petition, ensuring compliance with change-in-control regulations.

What the numbers show

A comparison of the financial positions reveals a significant disparity in asset intensity between the entities. Niyogin Fintech’s current assets stand at ₹52,831.42 lakh against current liabilities of ₹14,973.57 lakh, indicating a strong liquidity buffer before the demerger. In contrast, iServeU Technology’s current liabilities of ₹13,397.37 lakh nearly match its current assets of ₹11,815.42 lakh, suggesting a tighter working capital position that may benefit from the consolidation with Niyogin Finserv’s balance sheet post-amalgamation.

Niyogin Fintech Limited intends to enter into a strategic partnership with Sammaan Capital Limited for a potential credit facility of up to ₹500 crore. The arrangement, structured as a combination of financing and periodic portfolio buyouts, is planned to be deployed over the next 36 months.

The understanding is non-binding and subject to mutual agreement, regulatory approvals, and definitive agreements. It may be revised from time to time.

Strategic Partnership Details

Under the proposed arrangement, Sammaan Capital will explore extending credit facilities and undertaking periodic portfolio buyouts from Niyogin Fintech. The companies intend to build a portfolio of up to ₹500 crore over the course of the next 36 months.

This partnership aims to deepen institutional capital and digital lending synergies behind Niyogin's technology-led embedded lending solutions for India's underserved MSMEs. The facility will be deployed through Niyogin's embedded distribution network across rural and urban India.

Technology and Capital Synergies

The partnership is anchored in Niyogin's proprietary technology stack, which originates, underwrites, disburses, and services credit end-to-end within a single closed loop. This infrastructure delivers credit at the precise point where an MSME is already transacting, through the company's network of Business Correspondents, banks, neobanks, and Financial Professionals.

Sammaan Capital brings balance sheet depth and institutional lending experience to this model. For Niyogin, the partnership is expected to expand lending capacity, diversify its liability profile, and improve its blended cost of funds. These benefits are intended to flow directly to the MSME borrowers the platform serves.

For Sammaan Capital, the arrangement supports its broader digital and AI-led transformation by allowing it to broaden its product portfolio, test new credit products, and reach new underserved MSME segments in a capital-efficient way.

Management Commentary

Amit Rajpal, Chairman and Co-founder of Niyogin Fintech Limited, stated that the company has spent years building a technology stack capable of originating, underwriting, and servicing credit at the last mile. He noted that the potential partnership provides up to ₹500 crore of capital to be built and rotated over the next 36 months to convert distribution into credit for underserved MSMEs.

Gagan Banga, Managing Director and Chief Executive Officer of Sammaan Capital Limited, described the tie-up as a critical partnership built on synergy between balance sheet strength and digital lending architecture. He highlighted that it allows Sammaan to deepen its own digital transformation and push last-mile credit more efficiently.

What the Numbers Show

The structure of the partnership relies on a rotation model rather than a one-time disbursement. With a total commitment of ₹500 crore spread over 36 months, the average annual deployment would be approximately ₹166.7 crore. This phased approach suggests a focus on portfolio performance and capital efficiency, allowing both parties to test new credit products and customer segments before scaling further.