Overview

Hindon Mercantile is a Non-Banking Finance Company (NBFC-ND) providing range of financial services including but not limited to secured & unsecured loan for personal and business requirements, infra loans, Mediclaim financing and etc. 

Origin of the company dates back to 14 August 1985 – the company registered with ROC as public limited and non-Government Company. Later, on 26 November 2002, it registered as NBFC. 

The company entered into a new era of growth when a young charted accountant – Kapil Garg acquired a 39 years old dormant company in 2019, earlier that was operating primarily as standard non-government company.

Under the new leadership the company has aggressively built a house of NBFCs. HML Group subsidiaries include: Mufin Green Finance Ltd (NBFC), BimaPay (P) Ltd (Insurance platform), Mufin Pay Pvt Ltd (PPI/prepaid wallet licence), and Finsure Pvt Ltd (Peer to Peer lending). In addition, as of early 2025, it also completed an acquisition of LKP finance – a BSE listed company. 

HML has headcount of 51 employees; such a small number for holding company signify that it is holding itself only and subsidiaries including Mufin and LKP have their own workforce and management team. 

What Hindon Does?

Being a holding company HML itself does not disburse most loans – it makes money through its controlling stake in subsidiaries – each targeting a underserved lending niche with green/EV financing as the most rapidly growing arm. It is the aim of the company to provide seamless access to funding to customers anywhere and anytime. 

Group Structure

• Mufin Green Finance Limited – the flagship, NSE Listed Green/EV Financing Arm

Mufin is the NBFC subsidiary operating under the corporate umbrella of HML Group. It offers various loans for electric vehicles, electric charging infrastructure, and swappable batteries. In addition, it also provides operating and financial lease to fleet operators, also expanded in solar financing, insurance premium financing services and etc. As per the latest disclosure, the company has achieved 1651.17 Crores of AUM (83.8% YoY surge). 

• LKP Finance Limited – newly acquired BSE listed wholesale/retail financing arm

LKP is a RBI registered NBFC engaged in financing and trading shares, securities and derivatives and others. Bond Street Capital Private Limited is the wholly owned subsidiary of LKP Finance. LKP Finance has acquired a stake in Gyftr – suggesting cross pollinating strategy of the group. 

• Smaller Licensed Entities 

Other subsidiaries include BimaPay (insurance platform), Mufin Pay Pvt Ltd (PPI and PA licence), Finsure Pvt Ltd (P2P lending), Mufin Green Leasing Ltd, and Hindon Forex Money Lending (HM). 

How does HML makes money

Hindon Mercantile Limited generates revenue from following streams:

Primary Revenue – Interest Income 

• Interest from secured loans

• Interest from unsecured loans 

• High-yield retail and SME loans

Secondary Revenue – Fee Income 

• Processing Fee

• Late/Penalty Charges

• Service & Documentation Charges

• Other Ancillary Income 

Apart from this Hindon sources its capital from following channels:

• Borrowings from Banks

• Non-Convertible Debentures

• External Commercial Borrowings 

• Equity & Retained Earnings

And receipts from the abovementioned channels is deployed for primary financing:

• Retail & SME Financing

• Corporate Financing 

• Electric Vehicle Financing 

Competitive Landscape

HML operates in highly competitive environment, it combines retail/MSME loans with specialized EV and green financing ecosystem. Due to the dual-model approach, HML’s competitive landscape span across two distinct peer categories:

1. Mainstream Retail & MSME Competitors 

This category of business offers loan against property, business loan and personal loan. HML directly competes with: Indifi Technologies, AYE Finance, Northern Arc Capital, and Manappuram Finance. And Conglomerate Peers include: Shriram Finance, IIFL Finance, and Bajaj Finserv – they are large scale lenders capturing broader market. 

1. Green & EV Ecosystem Competitors 

This is the most rapidly evolving category and HML is one pioneer in the segment. It directly competes with specialized EV and green energy fintech lenders such as Revfin and Ecofy and mainstream commercial player include IREDA that has been noticed to expand its green financing arm. 

Promoters & Management 

Promoters

• Mr. Kapil Garg (Founder & Main Promoter)

Management 

• Mr. Kapil Garg - Promoter & Managing Director – 15+ years

• Mr. Rajat Goyal - Co-Promoter & Chief Risk Officer – CRO – 17+ years 

• Mr. Luv Khanna – Director – 13+ 

• Mr. Hemant Bhageria - Director – 15+