Niyogin Fintech Limited, a prominent player in the fintech sector, has announced a significant addition to its leadership team. The company has appointed Hitesh Jain as its new Chief Risk Officer, effective September 26, 2023. This strategic move, approved by the Board of Directors on July 04, 2023, follows recommendations from both the Nomination and Remuneration Committee and the Risk Management Committee.

Expertise and Experience

Hitesh Jain brings a wealth of experience to his new role at Niyogin Fintech. A Chartered Accountant by profession, Jain boasts over two decades of experience in the Financial Service Industry. His expertise lies primarily in Risk Management, Credit, and Operational control, making him a valuable asset to the company's risk management strategies.

Professional Background

Prior to joining Niyogin Fintech, Jain has held positions at several notable financial institutions:

• Fullerton India Credit Company Ltd
• Jana Small Finance Bank Ltd
• Enkash

This diverse experience across various financial entities is expected to provide Niyogin Fintech with a broad perspective on risk management in the fintech landscape.

Qualifications and Certifications

Jain's qualifications extend beyond his Chartered Accountancy. He holds specialized certifications that further solidify his expertise in the field:

• Consumer Business & Strategic Risk Management
• Treasury & Forex Risk Management

These certifications underscore Jain's commitment to staying at the forefront of risk management practices in the rapidly evolving fintech sector.

Terms of Appointment

The company has stated that Jain's appointment as Chief Risk Officer is co-terminus with his employment at Niyogin Fintech Limited. This arrangement aligns the duration of his role with his overall tenure at the company, ensuring continuity in the risk management function.

Niyogin Fintech's decision to bring Hitesh Jain on board as Chief Risk Officer reflects the company's commitment to robust risk management practices. As the fintech industry continues to grow and face new challenges, Jain's extensive experience and specialized knowledge are expected to play a crucial role in navigating the complex risk landscape and supporting the company's strategic objectives.

Niyogin Fintech has reported a profitable first quarter, marking a significant turnaround in its financial performance. The company has also set ambitious growth targets for the coming years, aiming to double its growth by FY26.

Financial Highlights

• The company reported a profit before tax (PBT) of ₹59.83 lakhs, compared to a loss of ₹232.75 lakhs in the previous quarter and a loss of ₹246.54 lakhs in the same quarter last year.
• Total income stood at ₹26.40 crore, up from ₹24.39 crore in the previous quarter and ₹16.10 crore in the same quarter last year.
• Interest income saw a significant jump to ₹20.14 crore, compared to ₹16.43 crore in the previous quarter and ₹11.85 crore in the same quarter last year.

Growth Projections and Strategic Initiatives

Niyogin Fintech has outlined ambitious growth plans:

• The company is targeting to double its growth by FY26.
• It has set an Assets Under Management (AUM) target of ₹500-550 crore by FY26.
• The firm reports a strong order book in its iServeU segment, which stood at approximately ₹585 crore across 31 contracts.

Operational Performance

• iServeU, a key business segment, delivered its fourth consecutive EBITDA-positive quarter.
• Gross revenue for iServeU was ₹37.50 crore, with net revenue of ₹15.30 crore (up 12% QoQ) and EBITDA of ₹1.80 crore.
• The NBFC operations recorded gross disbursements of ₹160 crore, the highest to date.
• AUM grew 15% QoQ to ₹320.30 crore, while net revenue rose 18% to ₹7.80 crore.

Strategic Partnerships and Expansion

Niyogin Fintech has been actively expanding its partnerships and alliances:

• New alliances include Meesho, enabling credit access to its merchant network.
• The company won key contracts with Central Bank of India and Bank of Maharashtra for POS and Soundbox solutions.
• Partnerships and alliances now contribute approximately 91% of the overall AUM.

Management Commentary

Tashwinder Singh, CEO and Managing Director of Niyogin Fintech, stated, "Niyogin Fintech delivered another strong quarter, achieving profitability across its key businesses — NBFC and iServeU — in line with guidance."

Future Outlook

The company remains focused on its growth strategy, emphasizing partnerships, technological innovation, and expansion of its product offerings. With a strong order book and improving financial metrics, Niyogin Fintech appears well-positioned to achieve its ambitious growth targets for FY26.

Investors and stakeholders will be keenly watching the company's performance in the coming quarters to see if it can maintain this growth momentum and achieve its projected AUM target of ₹500-550 crore by FY26.