Our financial performance reflects the success of our revenue model.
This global expansion is a core pillar of our growth strategy, and we
are continuously recruiting talent to support our international ambitions.
Dear Shareowners,
In December 2023, a survey was conducted by a global consulting firm
IBS Intelligence, a UK-based organisation. Supply Chain Finance (SCF) companies worldwide
were asked to present their solutions to them and they subsequently presented a report.
Veefin was one of the only two players, who were considered to be industry leaders, based
on product strength and market presence. As I'm writing this letter to our
shareowners, it is heartening to witness the growth we've been through in the last 3
years, however, this is just the start of a very exciting journey.
Powered by a cumulative 100+ years of lending/SCF subject matter
expertise, we have emerged as India's most preferred supply chain tech platform for
all kinds of lenders in the country. We now stand at over 50+ clients across all
continents, and the number is growing steadily.
Our key strength is our niche, which very few players can emulate. We
are a tech- enabled products company, as opposed to a software development company, having
the most comprehensive suite of SCF products on a single platform. Another competitive
advantage is our pioneering end to end SCF product stack that nobody in the market has
still been able to emulate.
Accelerating growth with a long-term focus
As a SAAS priced company, our revenue model is directly tied to the
success of our clients. This commercial model is exciting, as our clients will continue to
grow their SCF business, and we continue earning from even past year deals over the coming
years while not increasing our operating costs at the same level. We thus act with a high
operating leverage. On one hand, we are onboarding new clients, and on the other we are
also selling additional solutions to our existing clients.
Our financial performance reflects the success of our revenue model.
Our topline during the year grew by an impressive 73%, compared to the
previous year, reaching a healthy H 2,497.20 Lakhs at the end of FY 2024.
Our profitability, reflected in thePAT, also increased by 73%.
Expanding our footprint globally
We are expanding internationally and already have a well-established
presence in the Middle East and African regions. This global expansion is a core pillar of
our growth strategy, and we are continuously recruiting talent to support our
international ambitions.
Veefin caters to a broad spectrum of clients, including banks, NBFCs
(Non-Banking Financial Companies), banks and large corporates. We function as
The future of supply chain finance has immense possibilities. The
increasing adoption of digital technologies, the growing importance of sustainability
within supply chains, and the ever-evolving regulatory landscape present opportunities for
innovation. a central hub within the supply chain finance to choose the specific
solutions they need. Fintechs who lack their own technological solutions can leverage our
modular approach, selecting the specific Veefin modules that best suit their requirements.
A Leader in Supply Chain Finance
We take immense pride in being an Indian enterprise product application
company that has rapidly emerged as a major competitor to both domestic and international
players in the supply chain finance (SCF) space. We have capitalised on our first-mover
advantage with an end-to-end product stack and strategic positioning to establish
ourselves as a leader. During our initial years, we honed our products and navigated
emerging challenges, constantly refining our offerings. Every enterprise technology
product company has to go through the mandatory pain of learning in the initial years and
we are proud to state that Veefin has paid its dues for learning with thousands of hours
of mistakes and learnings in the initial years. Everyone who follows in our footsteps will
have to go through this years of pain and this is what gives us a clear competitive
advantage. Today, we are a seasoned leader, recognized as one of the best globally in the
SCF industry.
SCF is the safest form of lending to Small and Medium Enterprises
(SMEs) as lenders are able to leverage the SMEs relationships with better rated
corporates. We are clearly seeing a shift globally with more and more lenders launching
SCF or growing their SCF book. Veefin is very well placed to offer its tried and tested
SCF solution to lenders across the globe.
Way forward allowing clients
Our teams are the most powerful catalysts of our growth engine, and we
have the lowest attrition rate in the industry. In the last 24 months, we have not lost a
single member from our team that we would wished to retain. Looking ahead, we are
committed to nurturing a culture of continuous learning and development, attracting and
retaining top-tier talent, and fostering a collaborative environment, where creativity and
innovation can flourish.
The future of supply chain finance has immense possibilities. The
increasing adoption of digital technologies, the growing importance of sustainability
within supply chains, and the ever- evolving regulatory landscape present opportunities
for innovation.
We are exploring these emerging trends and remain committed to staying
at the forefront of the SCF industry globally. By working collaboratively with all
stakeholders within the supply chain ecosystem, we are confident that Veefin
Solutions can play a pivotal role in shaping a more inclusive,
efficient and sustainable future for all our clients, investors and other stakeholders.
We remain grateful to our well-wishers who have been a part of the
Veefin family, especially the families of our employees, without whose support
Veefin would always be one step behind rather than two-steps forward.
| Sincerely, |
| Raja Debnath |
| Chairman |