Veefin Solutions has submitted its Information Memorandum for migration from BSE SME to the Main Board on September 8, 2026, marking a significant milestone since its initial listing on July 5, 2023. The filing covers 2,55,39,417 fully paid-up equity shares with a face value of ₹10 each, with no new equity shares proposed for sale. The company has evolved from a focused financial technology platform into a broader enterprise banking software provider, expanding its product portfolio to include Supply Chain Finance, Trade Finance, Cash Management, Digital Banking, Loan Origination, Loan Management, Collections, and Fraud & Risk Analytics. The migration remains subject to regulatory, statutory, and exchange approvals, with the company also proposing a direct listing on the National Stock Exchange of India Limited. Raja Debnath, Co-founder and Managing Director, stated that the migration reflects the company's evolution into an enterprise banking technology company, highlighting the expansion of the product portfolio, customer ecosystem, and international presence since the 2023 listing.
Veefin Solutions has demonstrated robust financial growth with its standalone profit after tax reaching ₹18.20 crore in FY26 compared to ₹11.15 crore in FY25, while total revenue from operations grew significantly to ₹74.32 crore from ₹37.81 crore in the previous year. On a consolidated basis, the company's performance was even more impressive with total revenue standing at ₹352.3 crore for FY26 against ₹80.44 crore in FY25, and net profit reaching ₹31.96 crore compared to ₹16.26 crore in FY25. As per the company's exchange filing, the proposed migration from the BSE SME to the BSE mainboard and the proposed direct listing on NSE is subject to the applicable regulatory, statutory and exchange approvals. The company has initiated the process for migration of its shares from the BSE SME to the BSE mainboard and plans a direct listing on the NSE mainboard, with the information memorandum covering 2,55,39,417 fully paid-up shares of face value ₹10 each.
The Board of Directors approved the migration proposal at their meeting held on September 3, 2026, considering and approving the proposal for migration of equity shares from NSE Emerge SME Platform to NSE Main Board and proposed listing and trading on BSE. According to the latest filing, the proposed migration requires Special Resolution approval by the Members under applicable provisions of the Companies Act, 2013 and SEBI ICDR Regulations. The Board recommends the Special Resolution set out in Item No. 5 of the Notice for approval by the Members, with none of the Directors, Key Managerial Personnel, or their relatives having any financial interest in the proposed resolution beyond their respective shareholding. The migration shall be subject to all applicable eligibility criteria, conditions and requirements prescribed under various regulatory frameworks including Companies Act, 2013, SEBI ICDR Regulations, SEBI LODR Regulations, and applicable rules of NSE, BSE, SEBI and other statutory authorities.
The rate of small and medium enterprise (SME) companies migrating to India's mainboard has declined significantly, with only 16.9% of 59 companies listed in 2021 successfully migrating, according to reports from Prime Database Group. This represents a sharp drop from the 61.5% conversion rate achieved by companies listed through 2020, which included the 2018 batch that produced the highest graduation rate at 66% of 141 companies. The 2022 cohort showed an even lower migration rate of 12.8% of 109 issuers, with no companies from 2023 onward appearing in the migration database. Veefin's migration demonstrates that despite the overall decline, some companies continue to meet the enhanced eligibility requirements. Gautam Vijay Udani, Whole-Time Director, noted that the journey has been defined by continuous investment in technology platforms and expansion into adjacent banking workflows, describing the proposed migration as a significant step for stakeholders as the company enters a new growth phase.
The slowdown reflects tighter eligibility requirements implemented by both major exchanges. The National Stock Exchange of India increased the minimum listing period from two years to three years and raised the market-capitalization threshold from ₹25 crore to ₹100 crore from May 2025. Applicants must now have revenue above ₹100 crore, net worth of at least ₹75 crore, positive operating profit in two of three years, and maintain at least 500 public shareholders with promoters retaining at least 20% stake. The BSE tightened requirements in August 2025, raising the minimum public shareholders to 1,000 from 250 and requiring average operating profit of at least ₹15 crore over three years. The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Veefin has expanded its presence across India, Asia, Africa, and the Middle East, serving banks, NBFCs, fintech companies, and corporate clients. The firm enables these entities to digitize workflows in lending, transaction banking, and working capital. The company's geographic diversification strategy has been a key driver of its evolution from a domestic fintech player to a global enterprise banking software provider. This expansion into international markets represents a significant milestone in the company's growth trajectory and positions it well for the enhanced visibility that comes with mainboard listing. Veefin's technology platforms are designed to enable banks, NBFCs, fintech companies, and corporate clients to digitise critical workflows across lending, transaction banking, working capital and financial services. The proposed migration to the mainboard is an important milestone in Veefin's journey, reflecting the evolution of the company as an enterprise banking technology company and marking an important phase in its journey as it continues to build scalable technology platforms for financial institutions globally.
