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Moneyview

• Moneyview is coming out with a 100% book building; initial public offering (IPO) of 33,48,69,200 shares of face value Rs 1 each in a price band Rs 32-34 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 24, 2026 and will close on September 28, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 1 and is priced 32 times of its face value on the lower side and 34 on the higher side.
• Book running lead managers to the issue are Axis Capital, BofA Securities, IIFL Capital Services and Kotak Mahindra Capital Company.
• Compliance officer for the issue is Ankit Kumar Jain. 

Profile of the company

Moneyview is a consumer-focused, digital only, credit-led financial services platform for Middle India customers providing access to full suite of financial products through a network of Financial Partners, including its NBFC subsidiary, on its Moneyview mobile application. The company’s promise to its users is to offer personalized financial products with responsible and transparent terms, delivered via a convenient and user-friendly digital experience.

The company operates as a digital financial services platform to provide a suite of financial products to its users through a network of Financial Partners. The company’s platform functions as a two-sided network, connecting its users seeking financial products with banks, NBFCs, insurers, and other financial institutions offering such products. As of June 30, 2026, it had 140.28 million Registered Users and 48 Financial Partners integrated into its network. The company’s platform is built on real-time application programming interfaces (APIs), data intelligence capabilities, and inhouse technology infrastructure. It maintains deep, real-time technology integrations with its Financial Partners, enabling seamless and scalable digital distribution of financial products across its user base creating a flywheel effect for expansion of its two-sided network.

Since inception, the company has evolved into a full-stack digital financial ecosystem designed to meet the evolving needs of its users. The company’s offerings are structured across four core categories - Borrow, Transact, Invest and Protect, each addressing a distinct set of financial requirements, from access to formal credit and seamless digital payments to investment opportunities and insurance solutions. By combining these offerings with a seamless digital experience, it provides users with a one-stop platform for their financial needs. This integrated approach not only deepens user engagement, but also strengthens its data intelligence, enabling personalized product delivery and enhancing user lifetime value.

Proceed is being used for: 

• Investment to drive growth in loan disbursals under default loss guarantee (DLG) arrangements
• Investment in Whizdm Finance Private Limited (WFPL), its Material Subsidiary, for the purpose of augmenting its capital base
• General corporate purposes

Industry overview

India's household debt penetration has witnessed a significant increase, rising from ~35% of GDP in FY2020 to 41% in FY2025, according to the RBI. This surge underscores a growing demand for credit, which is increasingly being channelled towards consumption and lifestyle aspirations, in addition to traditional needs such as home ownership and asset creation. Despite this growth, substantial headroom for further expansion remains when compared to global peers like the UK (76%), USA (69%), and China (61%) as of CY2024, indicating sizeable long-term growth potential for formal lending.

Historically, credit penetration in India was limited by a combination of factors, including limited access to formal credit, cultural hesitation towards borrowing, especially in rural and semi-urban regions, high savings mindset and a strong preference for self-funded expenditure. However, this landscape has shifted considerably over the past five years with a notable increase in the penetration of formal credit among its adult population. Enabled by expanding digital lending infrastructure, increased availability of credit products, and rising consumer comfort with borrowing, formal credit penetration has increased sharply from 22% in FY2021 to 48% in FY2026, representing 533 million adults, and is further projected to rise to 58-62% by FY2031 (Projected). One of the key drivers of this expansion has been the rising credit demand from middle-income individuals with annual incomes between Rs 0.3-1.1 million. This cohort represents the fastest growing and the largest segments in India’s formal credit landscape.

India’s credit evolution is set to diverge from that of developed markets such as the United States and the United Kingdom, where formal credit access is near-universal, covering 95-97% of U.S. adults and 84% of U.K. adults, largely driven by widespread credit card adoption. In contrast, India’s credit ecosystem remains relatively nascent and structurally different, with growth increasingly led by digital-first, data-driven models. Digital personal loans, BNPL, and embedded finance, enabled by alternative data, are emerging as key entry points into formal credit, reflecting India’s scale, rising incomes, and deep digital penetration. Traditional underwriting approaches, which relied primarily on bureau scores and formal documentation, provided limited visibility into the creditworthiness of these emerging segments. Today, India’s digital infrastructure enables far richer and more real-time signals - cash-flow patterns, transaction histories, UPI behaviour, mobile usage, and behavioural markers - allowing lenders to assess creditworthiness with far greater precision. India is thus leapfrogging to a more diverse and inclusive credit model. This creates a significant opportunity: as formal employment expands and incomes rise, lenders can serve a large, fast-growing pool of first-time but high-quality borrowers. 

Pros and strengths 

Large, growing and sticky user base with a flywheel effect for growth: The company has a large and growing base of Registered Users that provides a firm foundation to support its future growth. The company’s Registered Users increased from 83.27 million as of March 31, 2024 to 109.59 million as of March 31, 2025 and to 134.14 million as of March 31, 2026, representing a CAGR of 26.92%. As of June 30, 2026, its Registered Users was 140.28 million. 

Data-driven approach for user segmentation and risk assessment: By leveraging technology, data, and product innovation, the company offers a suite of personalized financial products that cater to a wide spectrum of users across diverse credit profiles, income levels, demographics, and financial needs. Its data-driven approach enables systematic user segmentation that goes beyond traditional credit bureau scores. It utilises a wide array of data sources to build a comprehensive understanding of each user. This includes information provided by the user, data collected from the user’s device with explicit consent, and data obtained from third-party sources. These include transactional SMS and bank statement data, app usage patterns, repayment and auto-debit history, credit bureau data, and inputs from other sources. 

Technological and AI capabilities enabling scalable and efficient growth: The company’s technology and AI led operating model enables it to offer a fully unassisted, seamless user journey, ensuring accessibility, scalability, and cost efficiency. As of June 30, 2026, more than 50% of its workforce was engaged in technology and data roles, reflecting its sustained investment in building in-house capabilities. These investments have translated into improved operational efficiency, with Operating Expenses as a percentage of total income declining from 56.42% in Fiscal 2024 to 41.43% in Fiscal 2025, to 34.84% in Fiscal 2026 and further to 34.14% in the three-month period ended June 30, 2026.

Capital-light model with a diversified network of capital partners: The company operates a capital-efficient model supported by deep technical integrations with 48 Financial Partners, enabling seamless distribution of its full suite of financial products. For its flagship personal loan offering, it operates as an LSP and, as of June 30, 2026, had partnered with 22 REs, including its NBFC subsidiary WFPL, to facilitate loan origination and end-to-end servicing. These integrations enable seamless operations across the loan journey - including user acquisition, evaluation, onboarding, disbursal, servicing, and collections. As of June 30, 2026, it manages outstanding loans amounting to Rs 225,201.65 million under its personal loan program, with its NBFC subsidiary contributing 25.12% of the total managed AUM.

Risks and concerns

High revenue contribution from top financial partners: The company depends on cooperation with its Financial Partners. In the three-month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, its top ten Financial Partners contributed to 39.02%, 38.69%, 37.36%, 46.82% and 56.78% of its revenue from operations, respectively. The company’s business may be negatively affected if its Financial Partners do not continue their relationship with it, which could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Limited operating history and growth sustainability: The company has witnessed rapid growth in the past three years and may not be able to sustain its historical growth levels. Further, it has a limited operating history across some of its products and services. It may not be able to sustain its current growth levels in a cost-effective manner, which could adversely affect its business, financial condition, cash flows, results of operations and prospects.

High reliance on fees and commission revenue: In the three month periods ended June 30, 2026 and 2025, and Fiscals 2026, 2025 and 2024, the company derived 60.79%, 56.53%, 56.68%, 63.56% and 75.64%, respectively, of its total revenue from operations from fees and commission income, on the product offerings facilitated through its Financial Partners, and any decrease in the volume of such products or the fees and commission rates it collects on such transactions could have an adverse impact on its business, financial condition, cash flows, results of operations and prospects.

Intense competition in the industry: The company’s business is subject to intense competition, and it may fail to compete successfully against existing or new competitors, which may cause it to lose market share and reduce demand for its products and adversely impact its business, financial condition, cash flows, results of operations and prospects.

Outlook

Moneyview is a fintech company incorporated in India that provides digital financial services through its mobile platform. The company focuses on offering accessible and technology-driven financial solutions to individuals. The company has large, growing and sticky user base with a flywheel effect for growth. The company has technological and AI capabilities enabling scalable and efficient growth. On the concern side, the company is dependent on its Financial Partners, with its top ten partners contributing significantly to its revenue. Any discontinuation or deterioration of these relationships could adversely affect its business, financial condition, cash flows, results of operations and prospects. Moreover, borrower defaults on loans facilitated through its platform may increase its impairment expense and adversely affect its financial performance.

The issue has been offering 33,48,69,200 shares in a price band of Rs 32-34 per equity share. The aggregate size of the offer is around Rs 1,071.58 crore to Rs 1,138.55 crore based on lower and upper price band respectively. Minimum application is to be made for 441 shares and in multiples thereof thereafter. On performance front, the company’s total revenue from operations increased by 43.26% to Rs 33,511.58 million for Fiscal 2026 from Rs 23,391.46 million for Fiscal 2025 due to an increase in fees and commission income, interest income, gain on derecognition of financial assets and other operating income. Moreover, Its restated profit for the year increased by 1.01% to Rs 2,427.05 million in Fiscal 2026 from Rs 2,402.75 million in Fiscal 2025.

Meanwhile, the company’s monetized users are growing faster than overall registration, supported by a focus on improving product personalization to create relevant loan products for a larger segment of its Registered Users. As users convert over a period from the month of acquisition and as a growing number of users find relevant loan products on its platform, it sees higher conversions to Monetized Users, which supports continued growth in personal Loan Disbursals on its platform. Further, it continues to see improvements in repeat engagement on its platform, with repeat AUM increasing from 42.08% in Fiscal 2024 to 60.86% in Fiscal 2026 and to 62.70% in the three month period ended June 30, 2026, reflecting user trust and satisfaction, as evidenced by a 4.8-star rating of its mobile application on a mobile application store as of June 30, 2026. It intends to further focus on enhancing product experience, service quality, and driving user satisfaction, which is expected to support further growth in repeat engagement.

Bench Mark Infotech Services

• Bench Mark Infotech Services is coming out with an initial public offering (IPO) of 38,58,000 shares in a price band of Rs 104 - 110 per equity share.
• The issue will open for subscription on September 25, 2026 and will close on September 29, 2026.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 10.40 times of its face value on the lower side and 11.00 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Sucheta Todi.

Profile of the company

Bench Mark Infotech Services is an integrated IT and digital infrastructure solutions company with over 19 years of experience in providing technology infrastructure solution to government departments, public sector undertakings, institutional customers and private sector clients across India. Operating as a single-window partner, it designs, supplies, installs, commissions and maintains the networks, communication systems, surveillance and connectivity backbone on which its customers rely to build, manage and scale their technology ecosystems. Its service offerings include local and wide area networking (LAN & WAN), wireless communication systems, installation of active network devices, Structured cabling, multimedia and audio-visual systems, smart classrooms, e-classrooms and professional AV, Access control solutions, safety and security surveillance, and allied infrastructure services. It has expanded its service offerings by entering the data storage and data centre solutions segment. Its services under this vertical include supply, deployment and integration of servers, storage systems, virtualization, data backup and recovery solutions, cloud-based services such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS), and cloud security solutions. 

It has also initiated its offerings towards Artificial Intelligence (AI) Lab Solutions, including setting up of AI labs and providing edge computing nodes and related infrastructure for AI, machine learning and other computing applications, including AI laboratories, GPU-enabled computing platforms, enterprise storage, high-performance networking, and AI-ready data infrastructure. Further, it has expanded its offerings in the areas of cybersecurity and data security by providing solutions such as Next-Generation Firewalls (NGFW), Unified Threat Management (UTM), endpoint security, identity and access management, and managed security services and NOC (Network Operations center) for centralized monitoring and handling the challenges related to managing, monitoring, and controlling the networks in customer IT ecosystem. In addition to project execution, it provides annual maintenance contracts (AMC) and support services under contractual arrangements, including technical assistance, operational support, and 24x7 support services to help ensure business continuity and timely resolution of customer requirements. It also provides fibre optic solutions as part of its service offerings, including renting and provisioning of fibre optic lines wherever required under project contracts, thereby supporting the connectivity requirements of its customers. It also undertakes fibre optic infrastructure execution activities such as trenching, digging, ducting, laying of fibre cables, integration of fibre networks and restoration work.

Its business model is to provide integrated solutions with on an order-driven project execution framework, wherein it undertakes projects awarded through competitive bidding and tendering processes after providing complete end to end solutions. It procures hardware and software components from original equipment manufacturers (OEMs) and authorized vendors and integrate them to deliver customized, end-to-end solutions in accordance with project specifications. It is committed to maintaining quality standards and operational capabilities. The company holds ISO 9001:2015 certification for quality management systems and ISO/IEC 27001:2022 certification for information security management systems. It is registered as an Infrastructure Provider Category-I (IP-I), which enables it to establish, maintain and lease telecom infrastructure assets such as dark fibre, right of way, duct space and towers to licensed telecom service providers. This registration also supports its capability to undertake fibre optic network development and selective leasing of fibre infrastructure as part of its service offerings.

Proceed is being used for:

• Funding the working capital requirements of the company
• General corporate purposes

Industry overview

India Networking Market size was valued at $114.07 million in 2023 and the total revenue is expected to grow at a CAGR of 18.6% through 2024 to 2030, reaching nearly $376.50 million. The process of integrating computers, cell phones, and Internet of Things (IoT) devices is known as networking. The connection is functional in terms of hardware and software, as well as wired and wireless technology. These gadgets are also capable of connecting to networks such as the Internet. Computer Engineering, Computer Application, Computer Science, IT Engineering, Electrical Engineering, and more subjects are represented. The two types of network connections are a local area network (LAN) and a wide area network (WAN). As India is Asia's IT hub, networking is in high demand. In India, networking has a huge potential. TCS, Infosys, Wipro, HCL, Tech Mahindra, and other companies are continually looking for qualified applicants to join them. 

The India networking market is expected to be driven by the key factors such as the rising networking awareness and the growing need for more agile and efficient networking infrastructure. Moreover, during the forecast period 2024-2030, government efforts such as ‘Digital India’ are expected to have a beneficial impact on the India networking market. The growth of the India networking market is aided by government investment in public infrastructure restoration and company spending in the telecom and banking divisions as part of the digitization process. 

Increased investments in the three segments- Ethernet switches, routers, and WLAN - were seen across enterprise and service provider deployments. In India, the Ethernet Switch market was valued at $148.1 million, representing a remarkable year-over-year increase of 24.2%. Cisco held a 60.7% share of the Ethernet Switch market, followed by Hewlett Packard Enterprise (HPE) and Huawei. To solve the automation and orchestration needs resulting from complex network infrastructures, businesses are turning to next-generation networking technologies. In terms of compound annual growth rate (CAGR), all three segments of the India networking market are expected to rise in the single digits between 2024-2030.

Pros and strengths

Integrated business model with end-to-end service capabilities under one roof: The company operates an integrated business model, providing a comprehensive range of services under one roof across its key verticals, including design, supply, installation and commissioning of IT hardware and networking equipment, annual maintenance contracts (AMCs), and fibre optic infrastructure solutions. Under its IT hardware and networking vertical, it undertakes supply of a wide range of equipment such as switches, routers, CCTV systems, video walls, racks, along with turnkey project execution, system integration, installation, testing, and commissioning. This is complemented by its AMC services, which provide preventive maintenance, troubleshooting, and repair support through customised contracts, thereby ensuring continuity of operations for customers and generating recurring revenue. In addition, the company offers fibre optic infrastructure solutions, including deployment of fibre networks and associated civil works, as well as leasing of fibre infrastructure, enabling clients to access connectivity solutions without significant upfront investment.

Long standing customer relationships with repeat order flow: The company has developed and maintained long-standing relationships with its customers across its business verticals, resulting in a consistent flow of repeat orders. Its customer base includes government departments, public sector undertakings, and institutional clients, with whom the company has engaged across multiple projects over time. A portion of the company revenue is derived from repeat business from existing clients, reflecting continuity in engagements and ongoing participation in projects within similar domains and requirements.

Established track record of execution across diverse project segments: It has an established track record of executing projects across its business verticals, including design, supply, installation and commissioning of IT infrastructure solutions, annual maintenance contracts (AMCs), facility support services, and fibre optic infrastructure solutions. It undertakes projects for government departments, public sector undertakings, institutional clients, and private sector clients across India under an order-driven execution model. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams.

Risks and concerns

Concentration of revenue among top ten customers: It is dependent on certain key customers for a substantial portion of its revenues. Its top ten customers contribute 94.19%, 89.08%, and 91.87% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. Its business operations are highly dependent on its customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.

Geographic concentration of revenue in Bihar, Odisha and West Bengal: Its business operations span various regions across India. However, a significant percentage of its revenue is contributed by Bihar, Odisha and West Bengal. It derives majority of its revenue from these three states which accounted for 80.04%, 85.39%, and 64.00% of its revenue from operations for the F.Y. ended March 31, 2026, March 31, 2025 and March 31, 2024. As a result, its geographic concentration, its business and financial results are susceptible to economic, social, weather, and regulatory conditions or other circumstances in each of these states. Any deterioration of macroeconomic conditions or decline in cyber security demand in these states could unfavourably impact the volume of its business.

High revenue dependence on government contracts: Its business is substantially dependent on contracts undertaken by various government bodies, government entities, and government institutions of the government of India (Government customers) including, inter alia, various public sector undertakings and other entities funded by the Government. The Government customers contributed 73.10%, 95.01%, and 92.91% of its total revenue from operations for the financial year ended on March 31, 2026, 2025 and 2024, respectively. A vast majority of contract awarded by Government Customers are tender based. It competes with various companies while submitting the tender for these contracts. Its performance could be adversely affected if it is not able to successfully bid for these contracts or required to lower its bid value.

Outlook

Bench Mark Infotech Services provides integrated IT and digital infrastructure solutions, including networking, communication, surveillance, fibre optic, cloud and data centre solutions, with installation, maintenance and managed support services across India. Its project execution encompasses procurement, installation, system integration, testing, commissioning, and post-installation maintenance in accordance with customer requirements. Its experience across diverse project segments enables it to execute projects at multiple locations while coordinating with customers, vendors, and implementation teams. On the concern side, a significant portion of its assets comprises trade receivables. Any delay in realization, inability to recover outstanding dues, or deterioration in the creditworthiness of its customers may adversely affect its liquidity, cash flows, financial condition and results of operations.

The company is coming out with a maiden IPO of 38,58,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 104-110 per equity share. The aggregate size of the offer is around Rs 40.12 crore to Rs 42.44 crore based on lower and upper price band respectively. On performance front, revenue from operations increased 20.96% from Rs 5,003.85 lakh in Fiscal 2025 to Rs 6,052.76 lakh in Fiscal 2026. Profit after tax increased 75.25% from Rs 583.04 lakh in Fiscal 2025 to Rs 1,021.80 lakh in Fiscal 2026.

Meanwhile, it intends to broaden its portfolio of technology infrastructure services, encompassing networking and connectivity solutions, security and surveillance systems, audio-visual and display solutions, data center infrastructure, power and electrical systems, and associated support services. By diversifying and enhancing its service offerings, the company seeks to address the evolving technological and operational requirements of customers across both public and private sectors. Going forward, it intends to expand its presence in the optical fiber infrastructure segment by undertaking projects across multiple geographies in India. Its focus is on strengthening its capabilities in fibre optic network deployment, including cable laying, installation, splicing, testing, commissioning, and associated civil works such as trenching, ducting, and restoration.

Pursuant to the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015 as amended and as per the Company's Code of Conduct for Prohibition of Insider Trading, WeP Solutions has informed that the Trading Window for dealing in the securities of the Company will remain closed for all Directors/Officers/Designated Persons/Connected Persons of the Company from Thursday, 01st October 2026 upto 48 hours after the disclosure of the Un-Audited Financial Results of the Company for the Quarter and Half Year ended 30th September 2026 to the Stock Exchange.

The above information is a part of company’s filings submitted to BSE.