Finkurve Financial Services Limited has announced a strategic co-lending partnership with Godrej Finance Limited to jointly offer gold loan products under the Reserve Bank of India's co-lending framework. The partnership positions the tech-first gold loan NBFC to scale its operations while maintaining capital efficiency and disciplined risk management.

Partnership Structure and Participation

The co-lending arrangement establishes a clear participation framework between both financial institutions:

The partnership enables Finkurve to scale its gold loan portfolio in a capital efficient and risk aligned manner, supporting calibrated growth without proportionate increase in balance sheet deployment. By leveraging the co-lending framework, the company aims to enhance capital rotation, liquidity management, and cost-efficient funding to deliver sustainable returns while maintaining a conservative risk profile.

Operational Framework and Responsibilities

Under the partnership structure, Finkurve Financial Services will lead loan sourcing and origination through its branch-led operating model. The company's responsibilities include:

• Customer acquisition and onboarding processes
• KYC compliance and documentation
• Gold valuation and assessment
• Collections and ongoing customer engagement

Credit assessment and sanctioning will be carried out under a mutually agreed credit framework, ensuring disciplined underwriting and aligned risk management. Disbursements and servicing will be executed through a structured mechanism with robust governance and compliance oversight.

Management Commentary

Pankaj Gupta, MD & CEO of Godrej Finance, commented on the partnership: "This partnership aligns with our strategy to broaden our secured lending portfolio. Gold has long been a trusted financial asset for Indian households, and we see significant opportunity to serve this segment in a more structured and transparent manner."

Naveen Kottala, Chief Executive Officer of Finkurve, stated: "For Arvog, this partnership represents a calibrated approach to strengthening and scaling our gold loan franchise. By leveraging the RBI's co-lending framework, we are able to pursue growth while maintaining capital efficiency, effective cost and disciplined risk management."

About Finkurve Financial Services

Finkurve Financial Services Limited, operating under the brand name Arvog, is a non-banking financial company registered with the Reserve Bank of India as a non-deposit-taking, middle-layer NBFC. Originally established in 1984 as Sanjay Leasing Ltd., the company obtained its NBFC license in 1998 and was acquired by current promoters in 2010.

The company focuses primarily on gold loans, which forms the majority of its Assets under Management, positioning it as a leading gold loan NBFC. Finkurve also offers personal loans and maintains a strategic tie-up with Augmont Goldtech, India's largest fully integrated gold platform.

Finkurve Financial Services Limited announced that its Board of Directors has approved a significant fundraising initiative through the issuance of Non-Convertible Debentures (NCDs) worth ₹50 crore. The board meeting, held on February 25, 2026, from 11:30 a.m. to 11:50 a.m., approved the raising of funds through private placement via Electronic Bidding Platform under SEBI regulations.

Issue Structure and Terms

The NCD issuance is structured as rated, listed, senior, secured, redeemable, transferable Non-Convertible Debentures. The company plans to issue 5,000 NCDs through private placement using the Electronic Bidding Platform (EBP) mechanism.

Tenure and Interest Structure

The debentures offer attractive terms for investors with a competitive interest rate and defined maturity schedule. The company has structured the instrument with a bullet payment mechanism, providing clarity on cash flow expectations.

Security and Risk Management

The NCDs will be secured by a comprehensive security structure to protect investor interests. The company has committed to maintaining adequate security cover throughout the tenure of the debentures.

Key security features include:

• First ranking exclusive and continuing charge over identified receivables (Hypothecated Assets)
• Security cover of at least 1.10x of outstanding amounts including principal, accrued interest, and other payable amounts
• Upfront security creation with charge filing within 30 days from deemed date of allotment
• Provision for updating allocated book debts list in ROC if required by Debenture Trustee

Regulatory Compliance

The NCD issuance follows all applicable SEBI regulations and guidelines. The board has approved the Draft Letter of Offer in compliance with Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021. The company has fulfilled disclosure requirements under Regulation 30 of SEBI LODR Regulations and relevant SEBI circulars dated July 11, 2023, and July 13, 2023.

The meeting outcome was communicated to both BSE Limited and National Stock Exchange of India Limited as per regulatory requirements, with Company Secretary & Compliance Officer Kajal Parmar (Membership No: ACS65484) signing the disclosure documents.

Source: None/Company/INE734I01027/b3097aef-ee05-4049-a840-e05c60382313.pdf