The Reserve Bank of India (RBI) granted Profectus Capital Private Limited (PCPL), an NBFC sponsored by Actis, a Certificate of Registration (CoR) under the Factoring Regulation Act, 2011. It is one of the first NBFCs to receive the CoR. This milestone would allow PCPL to offer factoring services to better serve MSME customers.
Profectus Capital intends to provide quick and efficient factoring services to their customers in order to improve their working capital management, increase their enterprises, and acquire short-term funding to support operations. Based on its cluster-based lending methodology, the organisation will continue to focus on specific manufacturing and service industries.
Profectus Capital intends to target BBB- and above-rated corporate purchasers and provide factoring services to a significant unfilled demand area. The cost of financial support would vary according to the risk profile of the entities receiving help.
K V Srinivasan, Executive Director, and CEO, Profectus Capital Private Limited, said, “We have been at the forefront of providing financial solutions to MSMEs across India. We are excited on the quick approval of our application from the RBI. This approval will enable us to penetrate deeper into our existing markets and widen our customer base. We expect the factoring space to evolve significantly over the next two years, owing to the inclusion of NBFCs and expect MSMEs to benefit significantly from an immediate improvement in their cash flows at a very low cost.”
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