The ₹100 crore is roughly twice the ₹48.69 crore of equity Aham had raised in total since 2017, and roughly equal to its entire ₹108 crore loan book as on December 2024.
Leverage was never the binding constraint. Gearing stood at 0.70x and capital adequacy at 86%, so the money buys distribution rather than headroom.
A cost-to-income ratio of 89.63% in the nine months to December 2024 is what stands between a 9.95% margin and a meaningful profit. FY24 profit after tax was ₹0.05 crore.
The reported 43% stake for The Sanmar Group appears in one account only, is absent from the company's announcement, and no valuation has been disclosed.
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