Mufin Green Finance plans up to 20% Arthum stake for fintech

On November 5, 2026, Mufin Green Finance Limited approved an MOU and a proposed acquisition of up to 20% of Arthum, whose FY 2025-26 revenue was Rs 1.7745 crore, to support small-ticket loans to platform-linked labourers, workers and contractors and its stated entry into fintech.

What has Mufin Green Finance approved with Arthum?

Mufin Green Finance has approved a memorandum of understanding, or MOU, with Arthum to jointly establish and operate a lending programme for people connected to Arthum’s platform. The November 5, 2026 board decision covers both the programme and a proposed acquisition of up to 20% of Arthum’s issued, subscribed and paid-up equity share capital.

Arthum is the business name of Avyayam Infotech Private Limited, which provides technology solutions through an enterprise resource planning, or ERP, and workforce-management technology platform. According to the filing, corporates and other enterprises use the platform to manage contractors, as well as labourers and workers deployed by those contractors.

The proposed stake purchase is separate from the operating MOU, although both arrangements concern the same platform. Mufin Green Finance said the acquisition would enable its entry into the fintech segment through a business that provides technology solutions to non-banking financial companies, or NBFCs.

Arthum was incorporated on August 29, 2023, and has a presence in India, according to the disclosure. Mufin Green Finance described its product line as ERP and workforce-management technology, rather than as lending or NBFC operations.

How would Mufin Green Finance lend through Arthum?

Mufin Green Finance would extend small-ticket loans to labourers, workers and contractors associated with Arthum’s platform under the jointly established programme. The November 5, 2026 filing identifies these three borrower groups and makes their platform association the connection between Arthum’s workforce-management services and the proposed lending arrangement.

The disclosure does not state the prospective borrower count, loan-size range, interest rate, tenure, credit-underwriting method, repayment collection process or expected loan book. It defines the arrangement as a jointly operated programme and specifies only that the loans would be small-ticket in nature.

Arthum’s platform is used by enterprises to manage contractors and workers deployed by those contractors, giving the proposal a specified distribution setting. Mufin Green Finance has not disclosed whether Arthum would originate loans, provide customer data, assist in servicing, bear credit risk or receive a fee under the MOU.

The stated effect of the acquisition is Mufin Green Finance’s fintech entry through a technology-solutions business serving NBFCs. The filing does not quantify expected revenue, costs, loan disbursements or profitability from either the lending programme or the proposed up-to-20% holding.

What does Arthum's revenue history show?

Arthum reported revenue of Rs 1.7745 crore in FY 2025-26, following Rs 1.4094 crore in FY 2024-25 and Rs 26.36 lakh in FY 2023-24. The disclosed sequence shows revenue increased in each reported financial year after Arthum’s August 2023 incorporation.

The FY 2025-26 figure of Rs 1.7745 crore is also the revenue cited by Mufin Green Finance in describing Arthum’s size and business. Annexure A does not provide Arthum’s profit before tax, net profit, assets, liabilities, customer count, contractor count, worker count or order backlog.

The three-year turnover record covers Arthum’s early operating period, beginning with FY 2023-24. The filing does not disclose quarterly revenue, so it does not show whether the FY 2025-26 increase occurred evenly through the year or was concentrated in a particular quarter.

Mufin Green Finance also approved a separate proposed acquisition of up to 23% of Bimapay Finsure Private Limited, which is not part of the Arthum MOU in Annexure A. Bimapay reported FY 2025-26 revenue of Rs 11.63 crore, compared with Arthum’s Rs 1.7745 crore, while the filing classifies their product lines differently.

What are Mufin Green Finance's proposed deal terms?

Mufin Green Finance proposes to acquire up to 20% of Arthum for cash consideration, but the acquisition cost and share price have not been finalised. The company said these terms will be determined when the parties finalise definitive agreements, leaving no disclosed cash value for the Arthum transaction.

The indicative completion period is one to four years, compared with the three-to-four-month expected period disclosed for the separate Bimapay transaction. Mufin Green Finance did not provide a scheduled signing date for Arthum’s definitive agreements or a planned date for the lending programme to begin.

No governmental or regulatory approvals were listed as required for the Arthum acquisition in the Regulation 30 disclosure. However, the proposed stake remains subject to terms and conditions to be mutually agreed in definitive agreements, according to the November 5, 2026 board-meeting announcement.

Mufin Green Finance said the Arthum proposal is not a related-party transaction and that its promoters, promoter group and group companies have no interest in the target. This differs from the Bimapay proposal, which the filing identifies as a related-party transaction because Bimapay is a subsidiary of the promoter company; Mufin Green Finance said that transaction is on an arm’s-length basis.

Conclusion

Mufin Green Finance has combined a proposed up-to-20% investment in Arthum with an MOU to provide small-ticket loans to labourers, workers and contractors associated with its platform. Arthum’s disclosed revenue rose from Rs 26.36 lakh in FY 2023-24 to Rs 1.7745 crore in FY 2025-26, while Mufin Green Finance has identified the transaction as a route into fintech through technology services for NBFCs.

The next disclosed milestones are negotiation of definitive agreements, finalisation of cash consideration and share price, and completion within the stated one-to-four-year period. Further company disclosures could clarify the lending programme’s launch, underwriting and servicing structure, since the November 5, 2026 filing provides no loan-volume, borrower-count or financial target.