Dear Shareholders,
I extend my warm greetings to each of you on behalf of TruCap as we reflect on the
fiscal year 2023-24. In FY24, India's economy expanded by 8.2%, a notable increase from
the previous year's 7%, largely propelled by a substantial push in infrastructure projects
along with an increase in foreign investments. In tandem with the domestic growth in FY24,
substantial foreign investments not only bolstered overall economic expansion but also had
a pronounced impact on the MSME (Micro, Small, and Medium Enterprises) lending space. The
influx of capital into infrastructure and technology sectors provided MSMEs with improved
access to funding and resources, facilitating their growth and development. This support
enabled MSMEs to enhance productivity and competitiveness, aligning them with the broader
economic diversification strategy. Additionally, heightened industrial production and
consumer demand further stimulated opportunities for MSMEs, reinforcing their pivotal role
in driving India's economic dynamism and global influence.
Through the year, TruCap maintained a steadfast commitment for sustainable growth and
consistency as a leading MSME lender, catering specifically to the last-mile small
business owners. Leveraging our innovative Lending-as-a-Service (L-a-a-S) partnerships
with four banks and as a prominent NBFC, we significantly augmented our asset base. Gross
loans under management surged to 1,031 crores, marking a remarkable 77% increase over the
previous year.
Our financial performance underscored this growth trajectory, with total revenue from
operations surging by 30.1% to 161.1 crores. Our customer base expanded impressively,
reaching 96,700 from 64,824, supported by the strategic addition of 59 branches across 8
states. Notably, our footprint extended into Gujarat and Rajasthan while strengthening our
presence in Maharashtra, Madhya Pradesh, Goa, and Delhi NCR.
Looking ahead, we are confident in TruCap's potential to emerge as a formidable MSME
lender. I extend heartfelt gratitude to every stakeholder for their unwavering support,
which has been instrumental in our journey thus far.
| Yours sincerely, |
| Rakesh Sethi |
| Chairperson |