Veefin Receives In-Principle Approval From BSE For Mainboard Migration

Fintech SaaS provider Veefin Solutions has obtained an in-principle approval from the BSE’s Internal Regulatory Oversight and Review Group to transfer its shares from the SME Platform to the mainboard. Veefin must fulfill several conditions within a 45-day timeframe, which include submitting a formal listing application, updating its final information memorandum, signing the Listing Agreement, and providing its latest shareholding pattern and financial results in line with SEBI guidelines.

The company is presently working on fulfilling these listing formalities as per the exchange’s rules. Upon transferring its shares to the mainboard, Veefin will need to adhere to enhanced governance norms applicable to mainboard-listed entities. Currently, its shares continue to trade on the BSE SME platform. In June, Veefin's board approved the resolution to migrate its stock to the mainboard and list on the NSE.

The mainboard listing plans were solidified in September when the company submitted its information memorandum to the BSE. It aims to file a direct listing application on the NSE. Founded in 2020 by Gautam Udani and Raja Debnath, Veefin develops supply chain finance and digital lending software for various businesses. This milestone is significant as mainboard-listed companies are generally larger and more appealing to institutional investors compared to SME platform-listed entities.

Since its initial listing on the BSE SME platform in 2023, Veefin has experienced substantial growth through acquisitions and strategic investments, including stakes in digital marketing firm White Rivers Media, GenAI startup Walnut AI, and lending enablement platform EpikInDiFi. The company's Q1 FY27 net profit reached ₹16 Cr on operating revenue of ₹131.3 Cr, a notable increase from ₹32 Cr net profit and ₹345.1 Cr operating revenue in FY26. Veefin's stock closed 3.56% lower at ₹230.45.