About Arohan Financial Services Limited
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Arohan Financial Services Limited is a public limited company based in Kolkata, West Bengal, India. It operates in the microfinance institutions segment of the financial services sector. It was incorporated on 27 September 1991 and has been in existence for over 35 years.
The company is registered with the Registrar of Companies (ROC), Kolkata, under CIN U74140WB1991PLC053189. Its GSTIN is 19AAECA6121D1Z3 (West Bengal). The company holds 22 GST registrations, of which 18 are active.
The company has an authorised share capital of ₹275 Cr and a paid-up capital of ₹159.41 Cr. It was formerly known as Arohan Financial Services Private Limited and Ang Resources Private Limited. It is led by directors including Manojkumar Narayan Nambiar (Managing Director) and Dinesh Kumar Mittal.
Its last annual general meeting (AGM) was held on 12 August 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Pti Building 4th Floor Dp – 9 Sector – 5 Salt Lake, Kolkata, West Bengal, India – 700091.
As per the financials filed for FY 2023, the company reported a revenue of ₹1,091 Cr, a growth of 19% compared to the previous year. For the same year it recorded a net profit of ₹112.08 Cr (net margin 10.3%) and EBITDA of ₹468.64 Cr (EBITDA margin 43%). Revenue has grown at a compounded annual rate (CAGR) of 5% over three years and 27% over five years.
The company has about 10,203 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: IntelleCash and Arohan. As per MCA filings, the company has open charges of ₹9,163.95 Cr and satisfied charges of ₹14,894 Cr on record. Court records list 1,128 cases involving the company, including 1,096 filed by the company and 32 filed against it; 854 cases are pending. The company has 42 deals on record (20 secondary share transfers, 19 funding rounds, 1 rights issue), with disclosed funding of ₹1,668.54 Cr; the latest was in March 2024. Its 8 peer companies in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 4 larger and 4 smaller; the largest is Tamilnadu Transport Development Finance Corporation Limited with revenue of ₹1,230.29 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website arohan.in.
Company details
Name history
Arohan Financial Services has undergone 3 name changes throughout its history. The company was previously known as Arohan Financial Services Private Limited, Ang Resources Private Limited, and Ang Resources Ltd. The current legal name is Arohan Financial Services Limited.
| Company Name | Status |
|---|---|
| Arohan Financial Services Limited | Current |
| Arohan Financial Services Private Limited | Previous |
| Ang Resources Private Limited | Previous |
| Ang Resources Ltd | Previous |
CIN history
Arohan Financial Services has one previous CIN (Corporate Identification Number): U74140WB1991PTC053189. The current CIN is U74140WB1991PLC053189, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U74140WB1991PLC053189 | Current |
| U74140WB1991PTC053189 | Previous |
Contact details
Arohan Financial Services Limited's registered office is in Kolkata, West Bengal. Its website is arohan.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressPti Building 4th Floor Dp – 9 Sector – 5 Salt Lake, Kolkata, West Bengal, India – 700091
- IndustryFinancial Services, Microfinance Institutions, NBFC
To see the full contact details of Arohan Financial Services Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Arohan Financial Services operates two associated brands: IntelleCash and Arohan. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Provides working capital loans to micro, small, and medium enterprises (MSMEs), backed by funding from the Michael & Susan Dell Foundation. | intellecash.com | |
| Financial services are extended to low-income individuals and micro-enterprises. | arohan.in |
Business activity
The main business activity of Arohan Financial Services is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of Arohan Financial Services Limited, buy the company report.
Financials of Arohan Financial Services Limited
FY 2025 filings availableArohan Financial Services Limited reported revenue of ₹1,091 Cr (up 19% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 27% over five years, including 19% growth in the latest year. EBITDA rose 17% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹1,091 Cr | ||||
| Cost of Materials Consumed | |||||
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| Total Expenses | |||||
| EBITDA | ₹468.64 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹112.08 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 43% | ||||
| Net Profit Margin | 10.3% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Arohan Financial Services Limited, buy the company report.
Board of directors and KMP of Arohan Financial Services Limited
Arohan Financial Services Limited currently reports 14 directors and 2 key managerial personnel. 28 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Dinesh Kumar Mittal | Director | 15 May 2018 | 8 Years 5 Months | Current |
| Wilhelmus Marthinus Maria Van Der Beek | Nominee Director | 05 Dec 2016 | 9 Years 10 Months | Current |
| Vineet Chandra Rai Also directs: Ashv Finance Limited, Aavishkaar Carbon Platform Private Limited, Aavishkaar Venture Management Services Private Limited and 3 more | Nominee Director | 24 Oct 2013 | 13 Years 0 Months | Current |
| Stephen Dongwon Lee Also directs: Fabric Iot Private Limited | Nominee Director | 01 Dec 2022 | 3 Years 10 Months | Current |
| Manojkumar Narayan Nambiar | Managing Director | 03 Oct 2012 | 14 Years 0 Months | Current |
| Anurag Agrawal Also directs: Ashv Finance Limited, Aavishkaar Venture Management Services Private Limited, Aavishkaar Advisors Private Limited and 4 more | Director | 03 Oct 2012 | 14 Years 0 Months | Current |
Peer comparison
Arohan Financial Services Limited is compared with the 8 companies closest to it by revenue in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Tamilnadu Transport Development Finance Corporation Limited | ₹1,230.29 Cr (FY 2024) | 5.0% | Chennai, Tamil Nadu, India | |||
| Aseem Infrastructure Finance Limited | ₹1,195.7 Cr (FY 2024) | 52.0% | New Delhi, Delhi, India | |||
| Veritas Finance Limited | ₹1,123.8 Cr (FY 2024) | 65.0% | Chennai, Tamil Nadu, India | |||
| Si Creva Capital Services Private Limited | ₹1,093.49 Cr (FY 2025) | -16.0% | Mumbai, Maharashtra, India | |||
| Arohan Financial Services Limitedthis company | ₹1,091 Cr (FY 2023) | ₹112.08 Cr | 10.3% | 19.0% | 10,203 | Kolkata, West Bengal, India |
| Protium Finance Limited | ₹1,075.61 Cr (FY 2025) | 42.0% | Mumbai, Maharashtra, India | |||
| Ambuja Neotia Holdings Private Limited | ₹1,064.98 Cr (FY 2024) | 12.0% | Kolkata, West Bengal, India | |||
| Tata Cleantech Capital Limited | ₹1,025.51 Cr (FY 2023) | 46.0% | Mumbai, Maharashtra, India | |||
| Clix Capital Services Private Limited | ₹971.4 Cr (FY 2024) | 33.0% | New Delhi, Delhi, India |
To see the full peer comparison of Arohan Financial Services Limited, buy the company report.
Auditor
Arohan Financial Services Limited is audited by Walker Chandiok & Co LLP for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker Chandiok & Co LLP | FY 2019 | 001076N/N500013 |
Shareholding
The shareholding of Arohan Financial Services Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Arohan Financial Services Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 08 Dec 2025 | 101197436 | Others | ₹125 Cr | Open | |
| 02 Dec 2025 | 101195749 | Others | ₹175 Cr | Open | |
| 28 Nov 2025 | 101192044 | Others | ₹63 Cr | Open | |
| 10 Oct 2025 | 101170143 | Others | ₹50 Cr | Open | |
| 25 Sep 2025 | 101159468 | Sidbi | ₹170 Cr | Open |
To see the full charge records of Arohan Financial Services Limited, buy the company report.
Total charge records: 447 View all charges
Deals & funding
Arohan Financial Services Limited has 42 deals on record (20 secondary share transfers, 19 funding rounds, 1 rights issue), with disclosed funding of ₹1,668.54 Cr; the latest was in March 2024.
Deals on record (5 of 42)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2024 | Secondary share transfer | Undisclosed | Buyer: Others - Arohan Financial Services Limited Seller: Aavishkaar Capital, Tano Capital |
| Feb 2021 | Funding round | ₹189.13 Cr | Investors: Ask Financial Holdings Private Limited , Arohan Esop Trust, Aavishkaar Capital, an individual |
| Mar 2013 | Secondary share transfer | Undisclosed | Buyer: Intellecash Microfinance Network Company Private Limited Seller: Lok Capital |
| Sep 2012 | Secondary share transfer | Undisclosed | Buyer: Intellecash Microfinance Network Company Private Limited Seller: Caspian Advisors, an individual |
| Sep 2012 | Funding round | ₹26.82 Cr | Investors: Intellecash Microfinance Network Company Private Limited , Aavishkaar Capital, Michael & Susan Dell Foundation |
To see the full deal history of Arohan Financial Services Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Arohan Financial Services Limited has 1,128 court cases on record: 1,096 filed by Arohan Financial Services, 32 filed against it. 854 cases are pending and 274 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 1,092 | 23 | 852 |
| High courts | 30 | 3 | 1 |
| Supreme Court | 2 | 2 | 1 |
| NCLT | 2 | 2 | 0 |
| NCLAT | 2 | 2 | 0 |
Cases on record (5 of 1,128)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Petition | Filed against the company by Venagro Nutrifoods Private Limited Authorised Officer | Pending |
| High Court, MAHARASHTRA | Interim or miscellaneous application | Filed by the company against Vortex International Private Limited and 2 Ors and 2 others | Disposed |
| District court, Bahraich, Uttar Pradesh | Criminal miscellaneous application | Filed by the company against an individual | Pending |
| District court, Bahraich, Uttar Pradesh | Criminal case | Filed by the company against an individual | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Court case (CRI REV APP) | Filed against the company by an individual | Pending |
To see the full case history of Arohan Financial Services Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Arohan Financial Services Limited was last rated by Icra on 21 Jun 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Icra | 21 Jun 2022 |
To see the full credit ratings and regulatory alerts of Arohan Financial Services Limited, buy the company report.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Arohan Financial Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Employees & EPFO
Arohan Financial Services Limited has a workforce of 10,203 employees on its EPFO records as of Mar 29, 2024, across 1 active EPFO establishment.
GST
Arohan Financial Services has 22 GST registrations: 18 active and 4 cancelled or inactive. The first 4 active GSTINs are listed below.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 19AAECA6121D1Z3 | West Bengal | Active | 01 Jul 2017 |
| 10AAECA6121D1ZL | Bihar | Active | 01 Jul 2017 |
| 18AAECA6121D1Z5 | Assam | Active | 01 Jul 2017 |
| 20AAECA6121D1ZK | Jharkhand | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Arohan Financial Services Limited, buy the company report.
Recent activity
Arohan Financial Services Limited has 70 board changes on record since 2006: 43 appointments and 27 cessations. The latest: Chandramouli Vemuru ceased to be Nominee Director on 23 May 2025.
902 earlier events are in the company report.
News
Frequently asked questions
Arohan Financial Services is an active public limited company based in Kolkata, West Bengal, India. The company works in microfinance institutions, within the financial services industry. It was incorporated on 27 September 1991 (35+ years old) and is registered under CIN U74140WB1991PLC053189.
Arohan Financial Services has 16 current directors and KMP:
- Manojkumar Narayan Nambiar - Managing Director
- Dinesh Kumar Mittal - Director
- Wilhelmus Marthinus Maria Van Der Beek - Nominee Director
- Vineet Chandra Rai - Nominee Director
- Stephen Dongwon Lee - Nominee Director
- Anurag Agrawal - Director
- Sriradha Ramana Saripalli - Nominee Director
- Narasimha Kummamuri - Director
- Jose Joseph Kattoor - Director
- Karina Isabel Alva Alfaro - Nominee Director
- Ulhas Sharadkumar Deshpande - Director
- John Arunkumar Diaz - Director
- Rupa Rajul Vora - Nominee Director
- Nitish Chawla - Nominee Director
- Milind Ramchandra Nare - Cfo
- Anirudh Singh Thakur - Company Secretary
The latest financial statements of Arohan Financial Services on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 12 August 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Arohan Financial Services is 19AAECA6121D1Z3, registered in West Bengal. The company has 22 GST registrations in all, of which 18 are active and 4 are cancelled or inactive. Other active GSTINs include 10AAECA6121D1ZL (Bihar), 18AAECA6121D1Z5 (Assam), 20AAECA6121D1ZK (Jharkhand).
The CIN (Corporate Identification Number) of Arohan Financial Services is U74140WB1991PLC053189. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Arohan Financial Services has 1,128 court cases on record: 1,096 filed by the company and 32 filed against it. 854 are pending. Most are in the district courts.
Arohan Financial Services was incorporated on 27 September 1991, making it 35+ years old. It is registered with the Registrar of Companies, Kolkata.
Arohan Financial Services has 42 deals on record (20 secondary share transfers, 19 funding rounds, 1 rights issue), with disclosed funding of ₹1,668.54 Cr; the latest was in March 2024.
The peers of Arohan Financial Services by revenue are Tamilnadu Transport Development Finance Corporation Limited, Aseem Infrastructure Finance Limited, Veritas Finance Limited, Si Creva Capital Services Private Limited, Protium Finance Limited and 3 more, all in the BFSI industry (Large NBFC, Micro Finance Institutions, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).
Chandramouli Vemuru ceased to be Nominee Director on 23 May 2025. Sriradha Ramana Saripalli was appointed as Nominee Director on 23 May 2025. Piyush Goenka ceased to be Nominee Director on 09 May 2025. Arohan Financial Services has 70 board changes on record in total.
Arohan Financial Services can be reached through the website arohan.in. Its registered office is in Kolkata, West Bengal, India.