Ashika Credit Capital Limited Reports December Quarter Results
Ashika Credit Capital Limited (ACCL), a leading NBFC specializing in investment and capital market activities, has announced its financial results for the quarter ended December 31, 2024. The company reported a net loss due to market volatility and valuation losses but expects recovery as conditions stabilize.
Business Updates & Strategic Moves
Expanding Investment Offerings: Foray into Private Equity
ACCL is launching a Private Equity Fund through Ashika Private Equity Advisors Private Limited (APEAPL). Industry veterans Mr. Sarvesh Kanodia [MBA (IIM Kozhikode), ex-JP Morgan] & Mr. Sougata Roy (MBA, ex-JP Morgan) have joined hands to drive this initiative.
Strengthening Asset Management: Mutual Fund Application Underway
To expand its investment portfolio, ACCL has appointed IC Universal Legal to file its Mutual Fund application with SEBI. Mr. Siddarth Mohta (MBA, CFA, FRM, Ex-Principal Mutual Fund) has been named Chief Investment Officer (CIO) to lead this vertical.
Mergers to Enhance Market Position
- Yaduka Financial Services Limited (YFSL) into ACCL: Approved by RBI and BSE, pending SEBI clearance.
- Ashika Global Securities Private Limited (AGSPL) into ACCL: Regulatory approval in progress with RBI & BSE.
New Leadership & Governance Strengthening
New CEO & CBO to Drive Growth
- Mr. Chirag Jain will take over as Chief Executive Officer (CEO), effective April 1, 2025. He is a Chartered Accountant with over 13 years of experience in the Financial Services Businesses in India.
- Ms. Ishita Jain joins as Chief Business Officer (CBO), effective April 1, 2025, strengthening business development & research. She has a Masters in Biotech Enterprise and Entrepreneurship from Johns Hopkins University in the US and has prior experience of working on Wall Street in the US.
Strengthening Corporate Governance: New Independent Directors
- Mr. Pravin Kutumbe (CA, Ex-IRDAI Board Member)
- Mr. Supratim Bandyopadhyay (CA, Ex-PFRDA Chairman)
- Ms. Pinki Kedia (CA, DISA, LLB)
All joining effective April 1, 2025 adding vast experience in different fields of financial services.
CEO’s Perspective & Market Outlook
Mr. Daulat Jain, CEO, stated: "Despite market volatility, we remain confident in our long-term strategy. Our expansion into Private Equity, Mutual Funds, and ongoing mergers will position ACCL for sustained growth. We expect a strong recovery as conditions improve."
Looking Ahead: Positioned for Growth
ACCL anticipates market recovery and stronger financial performance in the coming quarters, driven by new investment verticals, leadership transitions, and operational expansion, added Mr. Gaurav Jain, CFO.
Above views are of the author and not of the website kindly read disclaimer
