Ashika Credit Capital Limited Reports December Quarter Results

Kolkata, 14/02/2025 – 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) 

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.