Dear Shareholders,
Warm greetings from all of us at TruCap. I hope you and your loved ones
are safe and in good health.
Unlike the last three financial years, FY 2022-23 started with little
noise on COVID-19 and more on economic growth and India's rising economy. Through the
COVID-19 pandemic, India demonstrated remarkable resilience validated by the fact that it
grew by 9.2% during FY 2021-22, the fastest among major global economies. In addition to
its impressive growth rate, India's economy continued to attract significant foreign
investments and witnessed a surge in industrial production and consumer demand, further
solidifying its position as a key player in the global economic landscape.
With India having delivered strong GDP growth despite the emergence of
interest rate increasing globally, we have swiftly continued our sustainable &
consistent performance as a "TRU" MSME lender geared towards the last mile small
business owner. This past financial year saw a continued scale up in asset creation along
with improving capital efficiency on the balance sheet driven by Lending as a Service
(L-a-a-S) relationships with four banks and one large NBFC. During the year under review,
our gross loans under management increased to ~ ' 581 crores, compared to ~ ' 306 crores
in the previous year, recording an annual increase of ~ 90%.
Our total revenue during the year increased by 76.94% to reach ' 123.96
crores while our customer count increased from 33,427 to 64,824. We continued to build on
our distribution strength by adding 41 branches to reach a total count of 78 branches
spread across 8 states. In FY 2022-23, we expanded into Gujarat and Rajasthan while
continuing to build our strength in Maharashtra, Madhya Pradesh, Goa and Delhi NCR. We
believe a solid foundation has been laid by your Company to become a formidable MSME
lender in the future. I want to thank each stakeholder for their continued support for all
these years. We would not have reached where we are today if not for the undeterred grit
and determination demonstrated by every single employee associated with the Company.
Yours Sincerely,
Rakesh Sethi
Chairperson