Keertana Finserv, has raised Rs 230 crore (around $24 million) from asset management firm Neo Wealth Partners in its first external equity funding round.
The Hyderabad-headquartered non-bank lender said it largely raised the capital through compulsorily convertible preference shares (CCPS). The investment will strengthen Keertana’s capital base and support its next phase of expansion across its gold loan business, according to a press note.
The fresh capital will be used to expand Keertana’s branch network, deepen presence across existing and new markets, invest further in technology and operational infrastructure, and enhance its product and customer propositions.
“This investment reinforces our conviction in the business we are building and significantly strengthens our ability to pursue our growth ambitions,” Padmaja Reddy, managing director of Keertana Finserv, said.
“We will continue to innovate, expand and challenge conventional approaches as we work towards building Keertana into one of the strongest and most respected brands in the gold loan NBFC sector,” she added.
Before Keertana, Reddy founded Hyderabad-based non-bank lender Spandana Sphoorty Financial, which she later left over disagreements with private equity firm Kedaara Capital.
After leaving Spandana, Reddy acquired Keertana at the end of March 2022. Originally set up as Rajshree Tracom in 1996, the company had received its NBFC licence in 2001 but was largely dormant until Reddy took over.
To kick off operations, Keertana acquired the gold loan business of Spandana Mutual Benefit Trust for Rs 191 crore and the MSME business of Spandana Rural and Urban Development Organization for Rs 14 crore. Both entities were part of the Spandana group.
Keertana’s consolidated net profit rose 16.7% to Rs 77 crore in the financial year ended March 2026 from Rs 66 crore the year before, aided by growth in the loan book. Its overall assets under management rose 71% from a year earlier to Rs 4,024 crore as of March 31.
In a recent interaction with VCCircle, Reddy disclosed that the non-bank lender has halted fresh disbursals in the microfinance portfolio and is instead ramping up its presence in the gold loan segment.
