Mufin Green Finance plans Rs 65.74854 crore Bimapay stake buy

Mufin Green Finance Limited plans to acquire up to 23% of Bimapay Finsure Private Limited for Rs 65.74854 crore in cash, with completion expected within three to four months subject to conditions and any required approvals. Bimapay reported FY 2025-26 revenue of Rs 11.63 crore and profit before tax of Rs 1.13 crore.

What is Mufin Green Finance buying from Bimapay?

Mufin Green Finance is proposing to buy up to a 23% stake in Bimapay for aggregate cash consideration of Rs 65.74854 crore. The 5 November 2026 disclosure identifies Bimapay as an India-based Information Technology (IT) and Information Technology Enabled Services (ITES) company, rather than specifying a particular Bimapay product or business unit being acquired.

The consideration is stated as Rs 65 crore 74 lakh 85 thousand 400, which converts to Rs 65.74854 crore, and the disclosed stake is capped at 23%. Mufin Green Finance does not disclose the number of shares involved, the identity of the seller or sellers, or whether the full stake will be acquired at one closing. The announcement also does not state that the proposed minority investment would give Mufin Green Finance control of Bimapay.

Bimapay was incorporated on 8 April 2022 and operates in India in IT and ITES, according to the acquisition annexure. Its disclosed product line is described broadly as IT and ITES, with no breakdown of revenue by software, service, customer or contract for FY 2025-26. The filing therefore provides a consideration amount and ownership ceiling but not a valuation methodology or a share-price calculation.

The acquisition is proposed for cash rather than through a share swap or another form of consideration. Mufin Green Finance did not state in the Annexure-B disclosure how the Rs 65.74854 crore payment would be funded, whether it would be paid in instalments, or whether the transaction would alter its debt or equity position after completion.

Why is Mufin Green Finance acquiring a related-party fintech partner?

Mufin Green Finance says Bimapay is its fintech partner and that the acquisition will help grow the business. The stated rationale is limited to that relationship and Bimapay’s IT and ITES activities; the filing does not identify a revenue target, expected cost saving, customer addition or quantified operating benefit from the proposed 23% investment.

Bimapay is a subsidiary of Mufin Green Finance’s promoter company and is therefore a related party, according to the disclosure. Mufin Green Finance says the transaction is on an arm’s-length basis. The announcement does not include an independent valuation report, fairness opinion, or the criteria used to determine the Rs 65.74854 crore purchase consideration.

On 5 November 2026, Mufin Green Finance also approved a notice of postal ballot for shareholders’ prior approval of material related-party transactions. The supplied filing records that corporate action, but does not provide a postal-ballot voting date, voting outcome or a separate shareholder-resolution amount specifically tied to Bimapay.

The specific approvals field in the acquisition disclosure is marked “NA”. At the same time, the stated timetable says completion is subject to customary conditions precedent and relevant regulatory approvals that may be required under applicable laws. Mufin Green Finance expects completion in the next three to four months, rather than setting a fixed closing date.

How has Bimapay’s revenue changed over three years?

Bimapay’s revenue increased to Rs 11.63 crore in FY 2025-26 from Rs 3.21 crore in FY 2024-25 and Rs 92.75 lakh in FY 2023-24. The FY 2025-26 revenue was more than three times the preceding year’s Rs 3.21 crore, based on the three-year turnover history disclosed in the acquisition annexure.

The progression shows that Bimapay’s revenue rose by Rs 2.28 crore between FY 2023-24 and FY 2024-25, then increased by Rs 8.41 crore in FY 2025-26. The larger second-year increase coincided with Bimapay reporting its highest disclosed turnover of Rs 11.63 crore. The filing gives no explanation for the year-to-year change, such as new customers, pricing, product launches or acquisitions.

For FY 2025-26, Bimapay reported profit before tax of Rs 1.13 crore alongside revenue of Rs 11.63 crore. Mufin Green Finance did not disclose Bimapay’s profit before tax for FY 2023-24 or FY 2024-25, nor did it provide net profit, assets, liabilities, operating cash flow, borrowings or customer concentration for the target.

The proposed Rs 65.74854 crore consideration can be compared with the disclosed FY 2025-26 revenue of Rs 11.63 crore, but the filing does not state a revenue multiple, earnings multiple, forecast or projected synergies. It also does not quantify Bimapay’s current commercial work for Mufin Green Finance, despite describing Bimapay as a fintech partner.

What do Mufin Green Finance’s latest standalone results show?

Mufin Green Finance reported total income of Rs 89.58 crore for the quarter ended 30 September 2026, compared with Rs 48.89 crore for the quarter ended 30 September 2025. Profit for the period rose to Rs 15.06 crore from Rs 6.06 crore in the same year-on-year comparison, in unaudited standalone financial results approved on 5 November 2026.

For the half year ended 30 September 2026, total income was Rs 166.72 crore, up from Rs 92.95 crore in the half year ended 30 September 2025. Half-year profit for the period was Rs 29.07 crore, compared with Rs 10.16 crore a year earlier. These are Mufin Green Finance standalone results and are separate from Bimapay’s FY 2025-26 IT and ITES figures.

Interest income increased to Rs 86.17 crore in the September 2026 quarter from Rs 47.81 crore in the September 2025 quarter. Finance costs also increased, reaching Rs 52.90 crore from Rs 25.97 crore, while other income was Rs 2.90 crore in the latest quarter compared with Rs 17.15 lakh a year earlier.

As of 30 September 2026, Mufin Green Finance had secured non-convertible debentures amounting to Rs 689 crore, with an outstanding balance including accrued interest of Rs 661.68 crore. The company reported security cover of 11.15 times for those secured debt securities at that date. The Bimapay acquisition filing does not connect the proposed cash outlay to these debentures or disclose a dedicated funding source.

Conclusion

The proposed Bimapay transaction would give Mufin Green Finance a minority stake of up to 23% in an existing fintech partner that is also a promoter-group subsidiary. The disclosed deal value is Rs 65.74854 crore, while Bimapay’s reported revenue rose from Rs 92.75 lakh in FY 2023-24 to Rs 11.63 crore in FY 2025-26 and its latest profit before tax was Rs 1.13 crore.

The next disclosed milestone is completion within three to four months, subject to customary conditions precedent and any applicable regulatory approvals. Investors can watch for the postal-ballot process approved on 5 November 2026, definitive transaction documents, the stake ultimately acquired, and any subsequent disclosures on funding, valuation or Bimapay’s role after closing.