Mufin Green Finance Limited (NSE: MUFIN, BSE: 542774) on 5 November 2026 approved a cash acquisition of up to 23% of Bimapay Finsure Private Limited for ₹65,74,85,400 (about ₹65.75 crore) and signed an MoU with Avyayam Infotech Private Limited (Arthum) to extend small-ticket loans to labourers, workers and contractors on Arthum’s platform. The board met from 3:30 pm to 4:35 pm; completion of the Bimapay stake is expected in three to four months subject to customary conditions and approvals.
Bimapay is already a fintech partner of the NBFC and operates in IT and IT-enabled services tied to insurance premium financing. The deal is a related-party transaction because Bimapay is a promoter-group subsidiary; Mufin said it will be done on an arm’s length basis. The company had earlier raised debt to expand green and consumer financing, including a ₹50 crore NCD raise disclosed on Elets Banking and Finance.
What the Bimapay 23% stake covers
Per the NSE board-outcome filing, Mufin will acquire up to 23% of Bimapay’s issued, subscribed and paid-up equity for cash consideration of ₹65.74 crore. Bimapay Finsure Private Limited was incorporated on 8 April 2022. Reported turnover rose from ₹92.75 lakh in FY24 to ₹321.71 lakh in FY25 and ₹1,163 lakh in FY26, with profit before tax of ₹113.75 lakh in FY26. Mufin described Bimapay as a fintech partner whose acquisition will help grow the business.
BimaPay positions itself as an India digital platform for insurance premium financing—essentially EMI for premiums—sitting in the same insurtech corridor that Elets Banking and Finance has tracked from InsurTech’s shift toward RiskTech for SMEs to the wider India insurance and InsurTech opportunity.
Arthum MoU and proposed 20% stake
Separately, the board approved a memorandum of understanding with Avyayam Infotech Private Limited, which operates as Arthum. Arthum runs an enterprise resource planning and workforce-management platform used by corporates to manage contractors and the labourers those contractors deploy. Under the MoU, Mufin will jointly establish a programme to extend small-ticket loans to labourers, workers and contractors associated on Arthum.
Mufin also proposed acquiring up to 20% of Arthum’s equity for cash on terms to be set in definitive agreements. The proposed Arthum acquisition is not a related-party transaction; promoters have no interest in the target. Indicative completion is one to four years. Arthum was incorporated on 29 August 2023, with turnover of ₹26.36 lakh (FY24), ₹140.94 lakh (FY25) and ₹177.45 lakh (FY26). The filing says the stake would help Mufin enter a fintech segment that supplies technology solutions to NBFCs—alongside other digital lending build-outs across banks and NBFCs.
Q2 FY27 results in brief
The same meeting cleared unaudited standalone results for the quarter and half year ended 30 September 2026. Standalone revenue from operations for Q2 FY27 was ₹8,667.94 lakh, up about 78% year on year from ₹4,872.09 lakh a year earlier. Profit after tax was ₹1,506.23 lakh, up about 149% from ₹606.00 lakh. Half-year PAT stood at ₹2,907.35 lakh. Those figures frame the capital available for the Bimapay and Arthum moves; the banking and finance news remains the stake and lending tie-up.
Why it matters for NBFC–fintech pairing
Listed NBFCs are buying minority stakes in specialised fintech partners rather than only signing distribution contracts. A 23% cash stake in a premium-financing insurtech, plus a platform MoU that routes small-ticket credit to organised labour via ERP workforce data, shows Mufin pairing balance-sheet lending with distribution and underwriting adjacency. For readers following NBFC digital credit, the combination sits next to themes such as alternative risk assessment in digital lending.
Key takeaways
- On 5 November 2026 Mufin Green Finance approved a cash purchase of up to 23% of Bimapay Finsure for ₹65.75 crore; related-party, arm’s length; expected close in 3–4 months.
- An MoU with Arthum (Avyayam Infotech) will support small-ticket loans to labourers, workers and contractors on the platform, with a proposed cash acquisition of up to 20% of Arthum (terms TBD; not RPT; 1–4 year window).
- Q2 FY27 standalone revenue from operations was ₹8,667.94 lakh (+78% YoY) and PAT ₹1,506.23 lakh (+149% YoY); H1 PAT was ₹2,907.35 lakh.
Frequently asked questions
Is the Bimapay deal a related-party transaction?
Yes. Mufin’s NSE filing says Bimapay is a subsidiary of the promoter company and therefore a related party; the company said the transaction will be on an arm’s length basis.
When is the Bimapay stake expected to close?
Subject to customary conditions precedent and any required regulatory approvals, Mufin expects consummation in the next three to four months.
What does Arthum do?
Arthum (Avyayam Infotech Private Limited) provides an ERP and workforce-management technology platform used by enterprises to manage contractors and the labourers those contractors deploy.
Featured image: Kapil Garg, Managing Director, Mufin Green Finance, at his office desk. Photo: Mufin Green Finance (company website, board of directors)
