Shruti Aggarwal, Co-Founder, Stashfin
Digital lconcludeing start-up Stashfin is eyeing an initial public offering (IPO) over the next 12-18 months period, co-founder Shruti Aggarwal informed businessline in an interaction.
“I believe we are viewing at an IPO anywhere from 12 to 18 months from now. A lot of our competitors are already out there or have filed the DRHP. I believe we are on that track. The indication we are receiveting that we have reached the scale for an IPO,” she stated.
Stashfin was founded in 2016 and received its non-banking finance company (NBFC) license in 2017. Its holding company is based out of Singapore, named Morris Technologies. Morris Technologies has three companies in India including its tech platform EQX Analytics, second is the NBFC, and the third one is Titanium which is currently non operative.
“We’ve raised close to $100 million in equity, and we’ve been very fortunate that investors have participated in multiple rounds of equity raise, the investors who came in Series A have also participated in Series B and C. Our last round of funding was in 2022, where we raised close to $70 million in equity, and around $200 million in debt,” Aggarwal stated.
As on September conclude, its NBFC’s assets under management (AUM) stood close to ₹2,100 crore and it is planning to close the current fiscal with ₹2,800 crore to ₹2,900 crore AUM.
“We are pretty much a mono-line product when it comes to personal loans with a pre-approved limit. We have close to 30 lakh active customers and on an average we have close to 13 lakh customers coming to our platform per month of which we underwrite close to 5 per cent of our customers. A typical ticket size is close to ₹1 lakh, with maximum limit of ₹5 lakh. However, the customers can draw down in the limits of ₹1,000-2000 depconcludeing on the convenience and can prepay at any point in time,” Aggarwal stated.
Bill payments
She added that the company recently launched bill payments on its platform, has received third party application provider (TPAP) license and will launch the app by FY26 conclude and that it also offers non-convertible debentures with 12-14 per cent interest to its customers. It is aiming to enter the secured lconcludeing space with products such as loan against mutual funds, digi gold gradually.
“Stashfin as a group has been profitable in the last three years and we are already profitable in March quarter, in September as well and we’re viewing to conclude the year with profitability. We pencil in close to 5 per cent gross NPA and since we have EY as our auditor, our provisioning norms also on the slightly on the higher side. So net NPAs are close to 2 per cent. That’s how we are structured and this is something we can manage. The current gross NPAs are slightly lower than 5 per cent,” Aggarwal stated.
Published on December 11, 2025
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