Veefin Solutions Limited has announced a strategic partnership with NSIA Group to expand supply chain finance capabilities across five West African markets. The agreement, disclosed on August 18, 2026, under Regulation 30 of the SEBI LODR Regulations, 2015, involves deploying Veefin's digital platform across NSIA's banking entities in Côte d'Ivoire, Senegal, Benin, Togo, and Guinea.

The partnership aims to address the SME financing gap in the region by automating processes from onboarding to disbursement. Veefin will provide the platform licence and ongoing maintenance for the deployment of Reverse Factoring and Factoring programmes. These solutions are designed to connect anchor corporates with their supplier and buyer networks, enabling early payments to suppliers and unlocking working capital against approved receivables.

Strategic deployment across five markets

The initiative focuses on digitalising supply chain finance to overcome fragmented data and manual processes that traditionally limit short-cycle working capital access. By using a single digital platform, NSIA Group can offer consistent SCF products while retaining market-specific flexibility. Raja Debnath, Managing Director and CEO of Veefin Solutions, noted that such multi-country deployments demonstrate how scalable, technology-led financing ecosystems are becoming reality.

Massetou Traoré, Deputy Managing Director of NSIA Group, stated that the partnership reflects a commitment to fostering innovation and financial accessibility. He highlighted the region's transition toward digital financial ecosystems that support SME growth and inclusion.

Platform architecture and outlook

The deployment runs on Veefin's SCF platform, part of the broader Veefin 4.0 architecture. This same platform supports other major programmes, including PSB Xchange in India and the Kafalah SME credit guarantee programme in Saudi Arabia. Veefin's solutions are currently in production at more than 50 financial institutions across Asia, Africa, and the Middle East.

Implementation is expected to go live progressively across the five banking entities. Veefin and NSIA Group plan to work together to expand product offerings and counterparty coverage in each market as the rollout continues.

Partnership at a glance

The key parameters of the Veefin Solutions and NSIA Group partnership are summarised below.

What the numbers show

While no financial values were disclosed for this specific deal, the scale of the partnership is evident in its geographic scope. The deployment covers five distinct national banking entities within a single group, indicating a standardised approach to regulatory and operational compliance across borders. This aligns with Veefin's broader strategy of leveraging a common architecture for diverse markets, as seen in its existing operations in India and Saudi Arabia.

Veefin Solutions reported a consolidated net profit of ₹9.5 crore for the quarter ended June 30, 2026 (Q1FY27), rising 42% year-on-year from ₹6.67 crore. Consolidated revenue from operations increased 231% to ₹113.9 crore, up from ₹34.46 crore in the same period last year. The standalone entity recorded a net profit of ₹6.74 crore, up 151% from ₹2.68 crore previously, with standalone revenue growing 128% to ₹23.14 crore.

The Board of Directors approved these unaudited results on August 12, 2026, following a limited review by statutory auditors ADV & Associates. The company also released an investor presentation highlighting its shift towards multi-product enterprise selling and structural simplification through subsidiary amalgamation.

Financial Performance

Standalone EBITDA rose 134% year-on-year to ₹12.83 crore, with the EBITDA margin expanding 130 basis points to 55.4%. Profit after tax (PAT) margin improved by 269 basis points to 29.1%. In contrast, consolidated EBITDA fell 35% quarter-on-quarter to ₹22.42 crore, with margins contracting to 19.7% from 26.1% in Q4FY26, reflecting the wider group business mix.

Consolidated other income dropped significantly to ₹6.2 lakh from ₹52.6 lakh in the prior quarter. Finance costs rose to ₹47.0 lakh from ₹39.7 lakh. The group’s profit before tax stood at ₹12.4 crore, compared to ₹29.2 crore in Q4FY26.

Segment Breakdown and Revenue Quality

The services segment remained the primary revenue driver, contributing ₹84.9 crore (75% of total), though it fell 9% from the prior quarter. The product segment generated ₹28.9 crore, down 24%. Standalone revenue composition showed 74% recurring revenue (₹17.13 crore) versus 26% one-time fees, supporting earnings visibility. Geographically, standalone revenue was nearly balanced between domestic (51%) and export (49%) markets.

Operational Metrics and Pipeline

Standalone Days Sales Outstanding (DSO) improved to 80 days in Q1FY27, down from 99 days in FY26 and 149 days in FY24, indicating tighter collections alongside revenue growth. The company added five new clients during the quarter. Key wins included a six-product deal with a digital bank in the GCC and a supply chain finance rollout across five African countries.

The qualified sales pipeline closed at USD 80.13 million, slightly above the opening value of USD 79.62 million, after converting USD 15.27 million into contracts. Notably, 70% of the pipeline value is now non-supply chain finance (SCF), with 50% of the 52 active bank opportunities involving multi-product evaluations.

Capital Raise and Corporate Actions

Post-quarter, Veefin Solutions raised ₹50 crore through non-convertible debentures (NCDs). On August 4, 2026, it allotted ₹20 crore in unrated, secured NCDs, followed by a ₹30 crore allotment on August 8, 2026, both via private placement to identified investors.

The company is advancing a scheme of arrangement to merge subsidiaries Estorifi Solutions Limited and GlobeTF Solutions Limited. Four of seven statutory stages are complete, including shareholder and creditor approvals. The scheme is now awaiting National Company Law Tribunal sanction via petition filing.

What the Numbers Show

A clear divergence exists between standalone and consolidated performance. While standalone product economics strengthened significantly—evidenced by 151% PAT growth and expanding margins—the consolidated view showed normalization from the Q4FY26 peak, with PAT falling 40% sequentially. This suggests that while the core listed entity is scaling efficiently, the wider group perimeter includes lower-margin or cyclical subsidiaries that dampen overall profitability metrics. Additionally, the shift in pipeline composition towards 70% non-SCF products indicates successful diversification beyond the flagship supply chain finance offering.