Hindon Mercantile

What Hindon Mercantile does

Hindon Mercantile Limited is an India-incorporated Non-Banking Financial Company (registered with the Registrar of Companies in 1985 and as an NBFC with RBI on November 26, 2002) that provides digital lending and digital payment products to individuals, micro/small businesses and institutional partners. Its core lending portfolio spans six products — Personal Loan (Term, Flexi Term and Flexi Hybrid variants with ticket sizes from Rs 20K to Rs 40 lakh), Business Loan (unsecured working capital for MSMEs starting at Rs 1 lakh with a 3% processing fee), Loan Against Property (residential, commercial, industrial or land), Machinery & Equipment Financing (up to Rs 300 lakh), Supply Chain Finance (invoice discounting, vendor/dealer/retailer finance from Rs 25K to Rs 300 lakh with tenors up to 120 days) and Education Loan (0% EMIs, 100% fee funding).

The company operates a proprietary fintech platform that the company describes as centrally managing strategy, risk, products, funding and customer lifecycles, with predictive data analytics used for risk-based pricing on thin-file customers and a score-based assessment engine for supply chain finance. The lending book is originated through direct digital channels (hindon.co), a Delhi-based headquarters office in Pitampura, co-lending partnerships (NFCPL, SuperGrowth and its subsidiary Mufin Green Finance), and a network of at least ten lending service providers including OkCredit, BharatPe, Kredmint, BimaPay, CareFi, Instape, Kosh, Finsall, LoanTap and Investkraft. Revenue is generated through interest income on loans, transaction fees (processing fees such as 3% on business loans), and its MufinPay prepaid payment instruments (gift cards, reloadable cards and mobile wallet) under its RBI PPI permit.

Hindon operates a holding structure with two wholly-owned operating subsidiaries: Mufin Green Finance, which lends into India's EV and climate financing ecosystem (electric vehicles, charging infrastructure and swappable batteries), and Mufinpay, the digital payments sub-brand. In March 2026 the company (via MufinPay) was appointed alongside Airtel Payments Bank as a card issuer on the Delhi Government's Pink Saheli Smart Card under the National Common Mobility Card (NCMC) system, distributing over 3,500 cards on launch day. Recent capital activity includes a Rs 42.8 Crore (~$5M) raise planned at the parent level and participation as promoter in Mufin Green Finance's INR 324 Crore preferential allotment alongside Sageone Capital, DS Group, MMG Group Family Office and HNI Sandeep Kapadia.

Name

Hindon Mercantile

Legal name

Hindon Mercantile Limited

Website

https://hindon.co

Company type

Private

Founded year

1985

Operating status

Operating

Short description

Hindon Mercantile is an India-based NBFC (registered 1985/2002) offering digital personal, business, property, machinery, supply chain and education loans to individuals and MSMEs, plus MufinPay prepaid payments, distributed directly and via co-lending and LSP partners.

Ownership category

akta.pro rank

Product category

Non-Banking Financial Services (Consumer & MSME Lending)

NAICS

Credit Intermediation and Related Activities (522), Sales Financing (522220), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141), Finance Lessors (6172)

akta.pro primary industry

Pricing, Risk-Based Offer & Limit Management (FSAGAHAE)

akta.pro secondary industries

Distributor & Dealer Finance (Channel Financing) (FSABAHAE), Merchant Cash Advance (MCA) & Revenue-Based Financing (FSAKAGAD), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF)

Keywords

• Non-banking financial services
• Personal loan products
• MSME lending solutions
• Supply chain finance
• Digital payments platform

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest charged on various loan products including personal loans, business loans, loans against property, machinery financing, education loans, and supply chain finance. Loans are offered at competitive interest rates with flexible repayment options.
2. Loan Processing Fees: Processing fees charged on loan disbursements, such as 3% processing fee on business loans
3. Digital Payment Products (MufinPay): Revenue from prepaid payment instruments including Gift Vouchers/Cards, Prepaid Reloadable Cards, and Mobile Wallet Application as part of their PPI permit

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

Hindon Mercantile Limited is a registered NBFC (Non-Banking Financial Company) that provides a diversified suite of lending products to individual consumers and MSMEs, including personal loans, business loans, loan against property, machinery & equipment financing, supply chain finance, and education loans. It also operates MufinPay, a digital banking sub-brand offering prepaid payment instruments (gift cards, reloadable cards, mobile wallet) under its PPI permit. The company delivers credit through a proprietary fintech platform with predictive data analytics for risk-based pricing and distributes via co-lending partners and lending service providers across India.

Product overview

Hindon Mercantile Limited is an NBFC registered in 1985 offering a comprehensive suite of lending products through its digital platform. The portfolio includes six core loan products: Personal Loan (with three variants: Term Loan, Flexi Term Loan, and Flexi Hybrid Loan), Business Loan, Loan Against Property, Machinery & Equipment Financing, Supply Chain Finance, and Education Loan. Additionally, the company operates MufinPay, a digital banking sub-brand offering prepaid cards, gift vouchers, and mobile wallet services under its PPI permit. The products are delivered through a technology-driven platform with omni-channel distribution, supporting both individual borrowers and MSMEs across India.

Differentiator

Problem solved

Functional benefit

Brands

• Mufinpay: Digital payments platform offering Gift Vouchers/Cards, Prepaid Reloadable Cards, Mobile Wallet Application, and comprehensive digital banking experience.

Products and services

• Personal Loan

Quantifiable outcome

• Quarter-on-quarter profit after tax expected to double in coming periods (from Mufin Green Finance fundraising)
• +1 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered core and minor.

• NFCPLcoreChannel Partner/ Reseller/ DistributorCo-lending partner - innovative technology-enabled NBFC focused on financial inclusion targeting bottom-of-the-pyramid customers with secured and unsecured personal and group loans
• SuperGrowthcoreChannel Partner/ Reseller/ DistributorCo-lending partner focused on solving critical challenges in India's healthcare sector with founders having deep insights into healthcare, finance and commerce
• Mufin Green FinancecoreChannel Partner/ Reseller/ DistributorSubsidiary and co-lending partner - pioneer in climate financing solutions in India contributing to EV ecosystem through loans for Electric Vehicles, Charging Infrastructure, and Swappable Batteries
• OkCreditminorChannel Partner/ Reseller/ DistributorLending Service Provider - mobile-based solution for small business owners to enable recording of credit/payment transactions digitally
• BharatPeminorChannel Partner/ Reseller/ DistributorLending Service Provider - fintech company offering payments and business loans to merchant partners
• KredmintminorChannel Partner/ Reseller/ DistributorLending Service Provider - provides financial products to supply chain partners using leading technology
• BimaPayminorChannel Partner/ Reseller/ DistributorLending Service Provider - facilitates personal loans for insurance premium payments through partner lenders
• CareFiminorChannel Partner/ Reseller/ DistributorLending Service Provider - passionate team solving challenges in India's healthcare sector through finance solutions
• InstapeminorChannel Partner/ Reseller/ DistributorLending Service Provider - grants financial freedom to employees with secure early earnings access to prevent debt traps
• KoshminorChannel Partner/ Reseller/ DistributorLending Service Provider - tech-driven financial platform empowering India's blue-collar workforce with accessible joint liability loans (INR 75,000 to INR 150,000) for groups of 3-6 members
• FinsallminorChannel Partner/ Reseller/ DistributorLending Service Provider - insurance ecosystem partner enabling premium financing through simple API integration
• LoanTapminorChannel Partner/ Reseller/ DistributorLending Service Provider - innovative loan solutions tailored for millennials with fastest personal loans and customer-friendly terms
• InvestkraftminorChannel Partner/ Reseller/ DistributorLending Service Provider - acts as trusted LSP bridging gap between lenders and borrowers with accessible and tailored financial solutions
• Airtel Payments Bank LimitedcoreStrategic or Co-development PartnerCo-issuer of Delhi Government's Pink Saheli Smart Card scheme alongside Hindon Mercantile Limited (MufinPay), integrated with National Common Mobility Card system for free bus travel on DTC, cluster buses, Delhi Metro and RRTS

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lendingkart Finance: Fintech NBFC providing working capital and business loans to MSMEs through digital underwriting. Closely comparable in tech-driven MSME lending with similar risk-based pricing approach for thin-file borrowers.
• Ugro Capital: Small business lending NBFC serving MSMEs with secured and unsecured products including LAP and working capital. Closely comparable in MSME positioning, digital underwriting, and target customer profile.
• Five Star Business Finance: South-India focused NBFC providing secured business loans and LAP to small businesses and self-employed. Comparable in LAP and small business focus, though more geographically concentrated in its home region.
• Poonawalla Fincorp: NBFC offering personal loans, business loans, LAP, and supply chain finance to individuals and MSMEs. Highly comparable product mix with emphasis on quick digital disbursement and unsecured retail lending.
• IIFL Samasta Finance: NBFC focused on MSME and microfinance lending through digital and branch channels. Directly comparable unsecured business loan, supply chain finance, and LAP offerings targeting similar underserved Indian SMB segments.
• MAS Financial Services: Indian NBFC providing MSME loans, two-wheeler and commercial vehicle financing, and SME-focused products. Comparable MSME underwriting model with similar product breadth targeting small business borrowers.

Emerging players

• Vivriti Capital: Institutional NBFC focused on co-lending and debt capital markets for mid-market and SME borrowers. Directly comparable co-lending operating model; relevant given Hindon CBO's prior tenure managing 3,000+ cr co-lending AUM there.

Broad incumbents

• Cholamandalam Investment and Finance: Murugappa-group NBFC with diversified portfolio across vehicle finance, home loans, LAP, and SME lending. Comparable multi-product unsecured and secured retail/MSME mix with broader geographic footprint.
• Muthoot Finance: Kerala-headquartered NBFC dominant in gold loans with growing personal and business loan offerings. Comparable NBFC lending model with much larger balance sheet and gold-loan-led franchise.
• Bajaj Finance: One of India's largest NBFCs offering personal loans, business loans, LAP, and consumer durable financing across the country. Overlaps with Hindon's full-stack lending approach but at vastly greater scale and balance-sheet depth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hindon Mercantile