Latest news with #NisusFinance
Khaleej Times
3 days ago
- Business
- Khaleej Times
Nisus Finance considers Dh669 million more investment in Dubai's real estate
Nisus Finance Investment Consultancy FZCO (NiFCO Dubai), a fully-owned subsidiary of Nisus Finance Services Company Limited (NIFCO), announced the investment of Dh183 million in two properties in Dubai while it is currently actively evaluating investment to the tune of Dh669 million in new properties. The company is looking forward to a four-fold growth in its assets under management (AUM) that jumped 55 per cent to Rs15.72 billion ($183.85 million) in the financial year ending March 31, 2025, from Rs10.12 billion ($118.35 million) in FY2024. Around 29 per cent or Rs4.55 billion ($53.21 million) of the AUM came from its operations in the UAE. NiFCO has also engaged M/S Houlihan Lokey to raise global capital for the UAE and India funds, while it has sanctioned $68 million (Dh250 million) for investment in Dubai. It is in advanced discussions for a further $200 million (Dh730 million) credit limit to deploy in the UAE's high-growth real estate market that will fuel the sector's growth. In addition, NiFCO is in advance stage of discussions on the deployment of a further $200 million (Dh730 million) from two prominent global funds. These funds, once deployed, will increase the company's investment by $468 million (Dh1.71 billion) this year. In 2024, NIFCO Dubai invested a total of Dh183.35 million including Dh93.85 million in a project located at the Jumeirah Village Circle (JVC) while it invested a further Dh89.5 million in a property in Furjan Dubai. 'We have already invested Dh183 million in two residential properties in Dubai and are actively evaluating Dh669 million (Rs15.55 billion) in investments across residential and commercial projects in prime Dubai locations like JVC, Al Barsha, Sports City, and DIP. These strategic moves aim to unlock high-yield opportunities and fuel strong growth,' Amit Goenka, Chairman and Managing Director of Nisus Finance Group (NiFCO), says. 'We are currently looking at bigger and more lucrative opportunities in the UAE and the GCC where the opportunities are growing and we want our investor community to benefit from these opportunities.' Nisus Finance meanwhile, reported a 35.5 per cent year-on-year growth in profit after tax reaching Rs325.8 million ($3.81 million) in the financial year ending March 31, 2025, compared to Rs240.5 million ($2.81 million) recorded in FY2024, on Rs673 million ($7.87 million) revenue which jumped 65 per cent, compared to Rs430.4 million ($5.03 million) recorded in the previous year, due to strong growth in its UAE business carried out through its UAE subsidiary Nisus Finance Investment Consultancy FZCO (NiFCO Dubai). The company's total assets jumped to Rs1.79 billion ($20.93 million), up from Rs491 million ($5.74 million) in FY2024. The company reported a 42.3 per cent Return on Capital Employed (ROCE) while Return on Investment (ROI) reached a healthy 33.3 per cent in the last financial year when its Net Worth reached Rs1.61 billion – reflecting a robust performance. The company's Revenue-to-AUM ratio stood at 4.3 per cent while Earnings per Share (EPS) reached Rs16.31 and Net Asset Value per Share reached Rs67.31. Nisus Finance last year made some successful marquee exits. It had earlier invested in one of India's first self-redevelopment project in Mumbai. The project, managed by Trilogy Developers, merges two societies into a mixed-use development. Last year, it exited from the project with 21 per cent IRR while it also unlocked value with high-yield exit under its Real Estate Special Opportunities Fund (RESO) 1 from a wholly-owned subsidiary of Shapoorji Pallonji Real Estate at 18.74 per cent IRR. The company also divested from two projects in Bengaluru, achieving a 19 per cent IRR through its Real Estate Credit Opportunities Fund (RECOF) 1. NIFCO also exited from Plotted Development Project Treasure Hills by Treasure Group in Indore with 19 per cent IRR. 'Our FY25 performance reflects the strength of our core platform—lean, profitable, and execution-focused. With the IPO success, we are well-positioned to accelerate strategic growth in FY26 and beyond,' Amit Goenka says. 'Robust AUM growth, diversification of revenue base and strengthening of the India and UAE team, enhancing execution and delivery capabilities have been our key growth drivers, supported by targeted expenditure in marketing and brand building during the Initial Public Offering ((IPO) phase, supporting long-term brand equity and visibility have helped us to record such impressive growth.' In India, investments worth Rs10 billion are under evaluation across high-growth cities like Mumbai, Pune, Bengaluru and Indore covering both performing credit and special situations. The firm aims to drive strong returns and manage risk through strategic market selection and asset diversification. 'In the FY2026, our objective is to achieve Rs40 billion ($467.81 million) with total income ranging from Rs1.2 billion to Rs1.4 billion ($16.37 million) while we remain on target to become a global asset manager with $$1 billion AUM by 2028 through blue ocean strategies to drive multi-dimensional revenue streams by providing investment opportunities across capital stacks,' Amit Goenka says. Nisus leverages a decade of experience, utilising local market expertise and proprietary data to capitalise on emerging trends and consistently deliver superior risk-adjusted returns. NIFCO specialises in urban infrastructure financing and private capital market transactions. The company, along with its subsidiaries and associates, focuses on two main areas: Fund & Asset Management and Transaction Advisory Services. With over a decade of experience in India, Nisus manages Rs15.72 billion in assets for FY 2025, to deliver gross IRR of more than 19 per cent. The Company's RESO fund has been awarded an 'Excellent' rating by Care Edge Advisory, recognising its strong focus on diversified AIF funds and asset management. The company got listed on BSE SME platform on December 11, 2024.
Zawya
3 days ago
- Business
- Zawya
Nisus Finance invests AED183mln in two properties, considers AED669mln more investment in Dubai's real estate
Dubai, UAE: Nisus Finance Investment Consultancy FZCO (NiFCO Dubai), a fully-owned subsidiary of Nisus Finance Services Company Limited (NIFCO), announced the investment of Dh183 million in two properties in Dubai while it is currently actively evaluating investment to the tune of Dh669 million in new properties. The company is looking forward to a four-fold growth in its Assets Under Management (AUM) that jumped 55 percent to IN₹15.72 billion (US$183.85 million) in the financial year ending March 31, 2025, from IN₹10.12 billion (US$118.35 million) in FY2024. Around 29 percent or IN₹4.55 billion (US$53.21 million) of the AUM came from its operations in the UAE. NiFCO has also engaged M/S Houlihan Lokey to raise global capital for the UAE and India funds, while it has sanctioned US$68 million (Dh250 million) for investment in Dubai. It is in advanced discussions for a further US$200 million (Dh730 million) credit limit to deploy in the UAE's high-growth real estate market that will fuel the sector's growth. In addition, NiFCO is in advance stage of discussions on the deployment of a further US$200 million (Dh730 million) from two prominent global funds. These funds, once deployed, will increase the company's investment by US$468 million (Dh1.71 billion) this year. In 2024, NIFCO Dubai invested a total of Dh183.35 million including Dh93.85 million (IN₹2.3 billion) in a project located at the Jumeirah Village Circle (JVC) while it invested a further Dh89.5 million (IN₹2.15 billion) in a property in Furjan Dubai. 'We have already invested Dh183 million in two residential properties in Dubai and are actively evaluating Dh669 million (IN₹15.55 billion) in investments across residential and commercial projects in prime Dubai locations like JVC, Al Barsha, Sports City, and DIP. These strategic moves aim to unlock high-yield opportunities and fuel strong growth,' Amit Goenka, Chairman and Managing Director of Nisus Finance Group (NiFCO), says. 'We are currently looking at bigger and more lucrative opportunities in the UAE and the GCC where the opportunities are growing and we want our investor community to benefit from these opportunities.' Nisus Finance meanwhile, reported a 35.5 per cent year-on-year growth in profit after tax reaching IN₹325.8 million (US$3.81 million) in the financial year ending March 31, 2025, compared to IN₹240.5 million (US$2.81 million) recorded in FY2024, on IN₹673 million (US$7.87 million) revenue which jumped 65 percent, compared to IN₹430.4 million (US$5.03 million) recorded in the previous year, due to strong growth in its UAE business carried out through its UAE subsidiary Nisus Finance Investment Consultancy FZCO (NiFCO Dubai). The company's total assets jumped to IN₹1.79 billion (US$20.93 million), up from IN₹491 million (US$5.74 million) in FY2024. The company reported a 42.3 percent Return on Capital Employed (ROCE) while Return on Investment (ROI) reached a healthy 33.3 percent in the last financial year when its Net Worth reached IN₹1.61 billion – reflecting a robust performance. The company's Revenue-to-AUM ratio stood at 4.3 percent while Earnings per Share (EPS) reached IN₹16.31 and Net Asset Value per Share reached IN₹67.31. Nisus Finance last year made some successful marquee exits. It had earlier invested in one of India's first self-redevelopment project in Mumbai. The project, managed by Trilogy Developers, merges two societies into a mixed-use development. Last year, it exited from the project with 21 percent IRR while it also unlocked value with high-yield exit under its Real Estate Special Opportunities Fund (RESO) 1 from a wholly-owned subsidiary of Shapoorji Pallonji Real Estate at 18.74 percent IRR. The company also divested from two projects in Bengaluru, achieving a 19 percent IRR through its Real Estate Credit Opportunities Fund (RECOF) 1. NIFCO also exited from Plotted Development Project Treasure Hills by Treasure Group in Indore with 19 percent IRR. 'Our FY25 performance reflects the strength of our core platform—lean, profitable, and execution-focused. With the IPO success, we are well-positioned to accelerate strategic growth in FY26 and beyond,' Amit Goenka says. 'Robust AUM growth, diversification of revenue base and strengthening of the India and UAE team, enhancing execution and delivery capabilities have been our key growth drivers, supported by targeted expenditure in marketing and brand building during the Initial Public Offering ((IPO) phase, supporting long-term brand equity and visibility have helped us to record such impressive growth.' In India, investments worth IN₹10 billion are under evaluation across high-growth cities like Mumbai, Pune, Bengaluru and Indore covering both performing credit and special situations. The firm aims to drive strong returns and manage risk through strategic market selection and asset diversification. 'In the FY2026, our objective is to achieve IN₹40 billion (US$467.81 million) with total income ranging from IN₹1.2 billion to IN₹1.4 billion (US$16.37 million) while we remain on target to become a global asset manager with US$$1 billion AUM by 2028 through blue ocean strategies to drive multi-dimensional revenue streams by providing investment opportunities across capital stacks,' Amit Goenka says. Nisus leverages a decade of experience, utilising local market expertise and proprietary data to capitalise on emerging trends and consistently deliver superior risk-adjusted returns. NIFCO specialises in urban infrastructure financing and private capital market transactions. The company, along with its subsidiaries and associates, focuses on two main areas: Fund & Asset Management and Transaction Advisory Services. With over a decade of experience in India, Nisus manages IN₹15.72 billion in assets for FY 2025, to deliver gross IRR of more than 19 percent. The Company's RESO fund has been awarded an 'Excellent' rating by Care Edge Advisory, recognising its strong focus on diversified AIF funds and asset management. The company got listed on BSE SME platform on December 11, 2024. About Nisus Finance Nisus Finance Services Co. Ltd. (NiFCO) is a leading, publicly listed real estate investment firm headquartered in India, with a proven track record of delivering high-yield, performance-driven assets across the country. In line with its global expansion strategy, NiFCO has extended its investor outreach across Southeast Asia, Europe, and the Middle East, bringing its deep sector expertise and innovative financial solutions to the UAE and broader GCC region. As part of this regional growth, NiFCO has launched the 'Nisus High Yield Growth Fund Closed Ended IC' ('Fund'), a DIFC-registered Property Fund and Qualified Investor Fund, incorporated under the laws of the Dubai International Financial Centre (DIFC). The Fund is an incorporated cell of Gateway ICC Limited and is advised by Nisus Finance Investment Consultancy FZCO ('NiFCO Dubai'), located in Dubai, UAE. Gateway Investment Management Services (DIFC) Limited has been appointed as the Fund Manager. For more information, visit Please tag Nisus Finance when sharing this information on your social media accounts. Instagram: Facebook: Nisus Finance, Amit Goenka LinkedIn: Nisus Finance Services Co. Ltd., Amit Goenka Twitter: NisusFinance
Khaleej Times
03-06-2025
- Business
- Khaleej Times
Dubai is taking a leadership role in real estate tokenisation
Dubai is taking a leadership role in the Middle East in real estate tokenisation that, according to Dubai Land Department, will reach to a market value of Dh60 billion ($1 billion), while the global real estate tokenization market is expected to reach $18.9 trillion by 2033. Nisus Finance Investment Consultancy FZCO (NiFCO Dubai) said, it has signed a Memorandum of Understanding (MoU) with Xchain Technologies FZCO (Toyow), a leading blockchain-based forensic and advisory firm, for the tokenisation of funds and assets worth up to $500 million (Dh1.83 billion), as the market shifts towards Web3 technology. Nisus Finance plans to conduct a Security Token Offering (STO) of its real estate assets under management (AUM) through Toyow's marketplace. Toyow will provide end-to-end technical support, including smart contract development, blockchain integration, and regulatory alignment. The news comes a few days after Dubai Land Department (DLD) launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco. These are in line with the UAE's futuristic national vision focusing on technology and innovation. The news comes a few days after the DLD launched the region's first tokenised real estate investment project in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation (DFF). With DLD projecting tokenised real estate transactions to reach Dh60 billion by 2033 — or 7 per cent of the total market — Dubai is clearly positioning itself as a global hub for asset tokenisation. 'This MoU will help us develop real estate funds on the Web3 blockchain technology platform – that is set to revolutionise investment in real estate in the future,' Amit Goenka, Chairman and Managing Director of Nisus Finance Group (NiFCO), said. 'This would be our first such venture and depending on how the market responds, will usher in a new era in the UAE's high-growth real estate market. 'STO on a Web3 platform is secure, transparent and set to drive future real estate investment. Property developers are already introducing cryptocurrency and tokenisation as new channels of payment and raising funds. We are taking it a step forward by creating funds to accelerate the growth of the real estate market.' Tokenised private real estate funds are projected to grow to $1 trillion by 2035, with a total market penetration rate of 8.5 per cent. The tokenised ownership of loans and securitisations could grow to $2.39 trillion by 2035, with a total market penetration rate of 0.55 per cent, according to a report by the global business advisory firm Deloitte. As per the MoU, Xchain Technologies FZCO will tokenise Nisus Finance's Real Estate Assets Under Management (AUM) worth up to $500 million (Dh1.83 billion) as security tokens on Toyow, a global multi-category tokenised Real World Assets (RWA) marketplace. Toyow will leverage its platform to provide technical and operational support, including regulatory compliance across the UAE, DIFC, and international jurisdictions. Investors holding the Toyow Token will be able to invest in this fund using Toyow Token ($TTN). 'The tokenised real-world assets market (excluding stable coins) reached $15.2 billion by December 2024. This growth is fueled by a supportive regulatory landscape, technological advancements, and increased investment from financial institutions,' according to reports. The growth in real estate tokenisation is driven by several factors, including: increased institutional Interest; clear regulatory support; technological maturation; investment opportunities as tokenisation allows for fractional ownership and access to real estate for a wider range of investors, including those with lower investment capital. Surajit Chanda, Co-founder, Toyow, says, 'Partnering with Nisus Finance on an STO of this scale underscores the growing maturity of real-world asset tokenization in the region. At Toyow, our mission is to unlock liquidity and access for high-quality assets by offering a secure, compliant, and scalable infrastructure. This collaboration reinforces our belief that institutional-grade tokenization is no longer a concept—it's here, it's accelerating, and it's changing how capital flows into real estate.' Toyow will also manage investor onboarding and KYC/AML compliance, provide secure wallet and custody infrastructure, and enable both primary issuance and secondary trading of the tokenised assets—all within a seamless, compliant ecosystem designed for institutional-grade scalability. Toyow is redefining access to real-world assets by enabling the tokenisation of categories like real estate, art, precious metals, alternative investments, and more, on-chain. Built for institutional-grade compliance and scalability, Toyow enables asset owners to digitise, fractionalise and monetise high-value assets, while offering investors secure, transparent access to global investment opportunities through a liquid, blockchain-powered marketplace. The partnership is part of Toyow's growing tokenisation pipeline valued at over $38 billion across multiple asset classes and jurisdictions globally. As per the MoU, Toyow will list the tokenised real estate assets on its marketplace for primary and secondary trading, while managing liquidity mechanisms for the secondary trading of security tokens. In addition to these, Toyow will also oversee marketing, investor outreach, and awareness campaigns for the STO, in addition to providing a secure wallet infrastructure and custody solutions for tokenised assets. It will also handle all aspects of investor onboarding and operational execution for the STO, including customer support and transaction management. Disruptive technologies, such as asset tokenisation, are poised to transform real estate over the next few years. Built on blockchain technology, tokenisation converts physical or financial assets into fractional, digital representations that can be securely owned and traded online. 'Tokenised real estate could not only pave the way for new markets and products, but also give real estate organisations an opportunity to overcome challenges related to operational inefficiency, high administrative costs charged to investors, and limited retail participation,' according to a report by Deloitte. Tokenisation allows capital generation across the capital stack- including debt, equity, and hybrid funding on a single platform. Over the last eight years, since the first tokenised real estate deals were completed, tokenisation has helped open potential new avenues for real estate investment through fractional ownership, the report says. 'This technology could help build trillions of dollars of economic activity for the real estate sector over the next decade, in part, by allowing it to expand its investor base and product offerings. The Deloitte Center for Financial Services predicts that $4 trillion of real estate will be tokenised by 2035, increasing from less than $0.3 trillion in 2024, with a CAGR of 27 per cent,' it said.
Economic Times
03-06-2025
- Business
- Economic Times
Amit Goenka on why Rs 4,000- crore AUM for FY26 is a reasonable target for Nisus Finance
Amit Goenka, CMD, Nisus Finance Services, says the company does special situations and unique financing solutions in India and asset buying in the UAE. They saw one of the biggest change drivers less than a fortnight ago where almost 26 billion dirhams of REIT got listed in the UAE. They have never had REITs in the last 10 years and suddenly they have got a very large REIT from the government suddenly and opening at 13% premium. That is the opportunity that is available for Nisus and, of course, the India opportunity continues to grow. Tell us about your business. It seems like an interesting play. What exactly is the company into? Amit Goenka: Nisus Finance is one of the foremost urban infrastructure finance companies which is headquartered in India. We are also the first listed fund manager out of India and we have obviously now diversified in the UAE. We believe these two are very high growth markets as far as urban infrastructure growth is concerned and therefore will require a tremendous amount of private capital participation. We have become one of the major conduits for global and domestic capital to pull into high value accretive opportunities and make the best out of them. We run multiple funds therefore to cater to these opportunities, that is obviously one of the largest segments of our work and related to that, of course, we also provide advice to several asset owners and asset players on how to optimise the opportunity in these markets. So, it is a twin model of advisory and asset management. But you also came out with your numbers and I see the profit has surged 36% and you also have a target of Rs 4,000 crores worth of AUM for FY26. What are going to be the levers for growth? Can you shed some light on going forward, what is going to be your guidance for the second half of this year? Amit Goenka: FY25 was a very important year for us. This was the pivotal year where we really sort of created a huge paradigm in our favour, where we moved from being a medium player to now becoming one of the more foremost formidable players in our space both in India and the UAE. In fact, our foray into the UAE has been quite unique because we are very uniquely positioned to create a formal fund structure which finances and buys assets which was not really the case, it was largely family office-led, unlike in India where we still have a formal investment environment. Of course, there has been consolidation of the market, we have seen players consolidate, the big getting bigger and margins expansion. The IPO which really came out at the end of the last year provided us with that capital, unfortunately of course it was too short a runway for us to make the best of that. We had almost Rs 67 crore of cash out of the Rs 101 crore that we raised, sitting on a balance sheet as of March, but it really created the right tailwinds in our favour to now create a very huge decadal growth story for ourselves. So, from an outlook perspective, we really just got started. This capital is now getting employed. We have got one of the largest investment banks raising great amounts of capital for us in our fund pools. We have got a significant amount of commitments from global funds. We are talking about a $200 million commitment into that. We have got an extraordinary amount of bank support in the UAE, close to about $250 million of loans under closure. So, with this capital alone that we will be able to put roughly about $500 million of committed capital and ought to be committed capital into the UAE market alone, that itself is about 4,000 plus crores over and above the existing Rs 1500 crore. So, when we talk of a Rs 4,000 crore AUM target, it is reasonable, given that we do have that capital and the pipeline available for closure in the UAE alone. When I look at India, again it is a huge opportunity set, the AIFs have been growing at breakneck speed of almost 24% year-on-year. We have close to about Rs 70,000 crore of private capital which got invested last year, one of the largest FDI inflows in real estate. We saw a very large amount of the funding deficit getting filled in by AIFs and not necessarily banks and NBFCs given the central bank outlook. So, clearly the opportunity is also very favourable for us as an investor in India real estate. Having said that, we will still continue to be slightly cautious. The markets in the last quarter which is of FY25 took a deep downturn. We saw almost $1 trillion of market cap getting wiped, $15 billion of FII money pulled out. On the back of that, there was almost a dip of 24% in sales in the last quarter. This year also this quarter also looks very muted. H1 number expectation is not more than 6-7% growth because of asset price inflation, people being conservative about outlook, about wanting to get into expensive transactions, some fear of inventory overhang coming is a very large opportunity set, but even if we did Rs 1,000 crore which is a very small number to commit to the demand-supply gap, we can move our domestic AUM to over Rs 2,000 crore and our offshore AUM to another Rs 3,000 crore. As a sum of that, Rs 4,000 crore is a reasonable target for us to achieve in terms of total capital deployed given that it will still be a fractional amount of the total capital demand. In the UAE, we are talking of almost $350 billion worth of opportunities. In India, we are talking of close to about hundred billion dollars of opportunities. So out of a $450-billion opportunity set, we are talking only Rs 2,500 crore. So, it is a very small number, and it is achievable. The good part is that there is a continued interest given that we are now the fourth largest economy in the world and people have been focusing on India as the new destination for growth, that helps. Of course, factories are getting built, warehousing, data centres, a lot of infra spread across tier II, tier III as well, which is obviously bringing in new opportunities in our favour. I see this year as effectively the year of the largest impact that we will be able to create for ourselves and our stakeholders. Given that now we have the cash to grow because of which we have got bank sanctions, we have got new investments coming in, we have created licenses in Dubai, in Mauritius, in India in GIFT City, so we have the structures ready, we have the infra ready, we have made those investments, so obviously last quarter we were making investments, shoring up our balance sheet, getting in the talent, creating the right sort of ecosystem for all this capital to walk in because it is blue-blooded institutional money, they need proper regulated systems in place which obviously the IPO is all about. So, now that we have that going for us and now capital has obviously started to sort of walk in, this will really be the year of change where we can make that quantum leap in our favour very-very quickly given that we are very well positioned in our own blue ocean, we have very limited competition in what we do. We do special situations and unique financing solutions in India, we do asset buying in the UAE and honestly there is really nobody. We saw one of the biggest change drivers just about less than a fortnight ago where almost 26 billion dirhams of REIT got listed in the UAE. They have never had REITs in the last 10 years and suddenly you have got a very large REIT from the government suddenly coming up and opening at 13% premium, so that is the opportunity that is really available for us and, of course, the India opportunity which continues to grow. Help us understand that you have two of your key revenue streams that is the transaction advisory services and fund and asset management. So, going ahead, how do you see the mix of both of these two in your overall financials? Amit Goenka: A very interesting question. Both are very correlated. For example, we saw about 400 plus transactions last year in India alone and we did about eight of them. So, a very small percentage of the total pipeline gets converted into actual investments. But then, there are the balance about 380, 390 transactions which still need capital and a solution. So, we are able to actually convert them into advisory opportunities. But obviously as the AUM is growing, the shift will largely continue to be on the fund revenues. Last year, we were at 30% fund and 70% advisory. This year we are at about 66% advisory and 34% fund. We see that shift continuing with the growth in AUM to maybe 50-50 or 60-40 in the coming in this financial year. As the AUM grows, as we set ourselves to do a billion dollar AUM in the next couple of years, obviously that shift of revenue will continue in favour of asset management fees than only advisory fees and obviously that continues to be a recurring income, that is an annuity because once you manage a corpus of money, you get your annuity fees, you keep on having those recurring revenues and fees and carry which is a very large percentage of the balance sheet, so obviously that is something which you are very squarely focused on.
Time of India
03-06-2025
- Business
- Time of India
Amit Goenka on why Rs 4,000- crore AUM for FY26 is a reasonable target for Nisus Finance
Amit Goenka , CMD, Nisus Finance Services , says the company does special situations and unique financing solutions in India and asset buying in the UAE. They saw one of the biggest change drivers less than a fortnight ago where almost 26 billion dirhams of REIT got listed in the UAE. They have never had REITs in the last 10 years and suddenly they have got a very large REIT from the government suddenly and opening at 13% premium. That is the opportunity that is available for Nisus and, of course, the India opportunity continues to grow. Tell us about your business. It seems like an interesting play. What exactly is the company into? Amit Goenka: Nisus Finance is one of the foremost urban infrastructure finance companies which is headquartered in India. We are also the first listed fund manager out of India and we have obviously now diversified in the UAE. We believe these two are very high growth markets as far as urban infrastructure growth is concerned and therefore will require a tremendous amount of private capital participation. We have become one of the major conduits for global and domestic capital to pull into high value accretive opportunities and make the best out of them. We run multiple funds therefore to cater to these opportunities, that is obviously one of the largest segments of our work and related to that, of course, we also provide advice to several asset owners and asset players on how to optimise the opportunity in these markets. So, it is a twin model of advisory and asset management. But you also came out with your numbers and I see the profit has surged 36% and you also have a target of Rs 4,000 crores worth of AUM for FY26. What are going to be the levers for growth? Can you shed some light on going forward, what is going to be your guidance for the second half of this year? Amit Goenka: FY25 was a very important year for us. This was the pivotal year where we really sort of created a huge paradigm in our favour, where we moved from being a medium player to now becoming one of the more foremost formidable players in our space both in India and the UAE. In fact, our foray into the UAE has been quite unique because we are very uniquely positioned to create a formal fund structure which finances and buys assets which was not really the case, it was largely family office-led, unlike in India where we still have a formal investment environment. Live Events Of course, there has been consolidation of the market, we have seen players consolidate, the big getting bigger and margins expansion. The IPO which really came out at the end of the last year provided us with that capital, unfortunately of course it was too short a runway for us to make the best of that. We had almost Rs 67 crore of cash out of the Rs 101 crore that we raised, sitting on a balance sheet as of March, but it really created the right tailwinds in our favour to now create a very huge decadal growth story for ourselves. So, from an outlook perspective, we really just got started. This capital is now getting employed. We have got one of the largest investment banks raising great amounts of capital for us in our fund pools. We have got a significant amount of commitments from global funds. We are talking about a $200 million commitment into that. We have got an extraordinary amount of bank support in the UAE, close to about $250 million of loans under closure. So, with this capital alone that we will be able to put roughly about $500 million of committed capital and ought to be committed capital into the UAE market alone, that itself is about 4,000 plus crores over and above the existing Rs 1500 crore. So, when we talk of a Rs 4,000 crore AUM target, it is reasonable, given that we do have that capital and the pipeline available for closure in the UAE alone. When I look at India, again it is a huge opportunity set, the AIFs have been growing at breakneck speed of almost 24% year-on-year. We have close to about Rs 70,000 crore of private capital which got invested last year, one of the largest FDI inflows in real estate. We saw a very large amount of the funding deficit getting filled in by AIFs and not necessarily banks and NBFCs given the central bank outlook. So, clearly the opportunity is also very favourable for us as an investor in India real estate. Having said that, we will still continue to be slightly cautious. The markets in the last quarter which is of FY25 took a deep downturn. We saw almost $1 trillion of market cap getting wiped, $15 billion of FII money pulled out. On the back of that, there was almost a dip of 24% in sales in the last quarter. This year also this quarter also looks very muted. H1 number expectation is not more than 6-7% growth because of asset price inflation, people being conservative about outlook, about wanting to get into expensive transactions, some fear of inventory overhang coming up. There is a very large opportunity set, but even if we did Rs 1,000 crore which is a very small number to commit to the demand-supply gap, we can move our domestic AUM to over Rs 2,000 crore and our offshore AUM to another Rs 3,000 crore. As a sum of that, Rs 4,000 crore is a reasonable target for us to achieve in terms of total capital deployed given that it will still be a fractional amount of the total capital demand. In the UAE, we are talking of almost $350 billion worth of opportunities. In India, we are talking of close to about hundred billion dollars of opportunities. So out of a $450-billion opportunity set, we are talking only Rs 2,500 crore. So, it is a very small number, and it is achievable. The good part is that there is a continued interest given that we are now the fourth largest economy in the world and people have been focusing on India as the new destination for growth, that helps. Of course, factories are getting built, warehousing, data centres, a lot of infra spread across tier II, tier III as well, which is obviously bringing in new opportunities in our favour. I see this year as effectively the year of the largest impact that we will be able to create for ourselves and our stakeholders. Given that now we have the cash to grow because of which we have got bank sanctions, we have got new investments coming in, we have created licenses in Dubai, in Mauritius, in India in GIFT City , so we have the structures ready, we have the infra ready, we have made those investments, so obviously last quarter we were making investments, shoring up our balance sheet, getting in the talent, creating the right sort of ecosystem for all this capital to walk in because it is blue-blooded institutional money, they need proper regulated systems in place which obviously the IPO is all about. So, now that we have that going for us and now capital has obviously started to sort of walk in, this will really be the year of change where we can make that quantum leap in our favour very-very quickly given that we are very well positioned in our own blue ocean, we have very limited competition in what we do. We do special situations and unique financing solutions in India, we do asset buying in the UAE and honestly there is really nobody. We saw one of the biggest change drivers just about less than a fortnight ago where almost 26 billion dirhams of REIT got listed in the UAE. They have never had REITs in the last 10 years and suddenly you have got a very large REIT from the government suddenly coming up and opening at 13% premium, so that is the opportunity that is really available for us and, of course, the India opportunity which continues to grow. Help us understand that you have two of your key revenue streams that is the transaction advisory services and fund and asset management. So, going ahead, how do you see the mix of both of these two in your overall financials? Amit Goenka : A very interesting question. Both are very correlated. For example, we saw about 400 plus transactions last year in India alone and we did about eight of them. So, a very small percentage of the total pipeline gets converted into actual investments. But then, there are the balance about 380, 390 transactions which still need capital and a solution. So, we are able to actually convert them into advisory opportunities. But obviously as the AUM is growing, the shift will largely continue to be on the fund revenues. Last year, we were at 30% fund and 70% advisory. This year we are at about 66% advisory and 34% fund. We see that shift continuing with the growth in AUM to maybe 50-50 or 60-40 in the coming in this financial year. As the AUM grows, as we set ourselves to do a billion dollar AUM in the next couple of years, obviously that shift of revenue will continue in favour of asset management fees than only advisory fees and obviously that continues to be a recurring income, that is an annuity because once you manage a corpus of money, you get your annuity fees, you keep on having those recurring revenues and fees and carry which is a very large percentage of the balance sheet, so obviously that is something which you are very squarely focused on.
