Confidential Information Summary
Executive summary
Project Trivanta is three separately incorporated companies serving India's rural insurance chain: a licensed insurance broker, a field-services business that runs crop and cattle surveys for insurers, and an early-stage climate-risk software platform. The promoters propose to place them under one holding company and raise primary equity there. This summary sets out what the filed accounts show, including the points a buyer will test first.
Aggregated FY25 revenue was ₹47.47 Cr, up 19.3%. Entity A earned a pre-tax profit of ₹0.73 Cr. Entity B lost ₹5.48 Cr and funded a ₹13.19 Cr operating outflow with new borrowings. ₹12.50 Cr of the ₹18.00 Cr raise goes to working capital and debt.
At a glance
Basis of preparation. All figures come from three separate standalone statutory accounts for the year to 31 March 2025, with FY24 comparatives for Entities A and B. They are added line by line with no eliminations; no consolidated accounts exist. Entity C was incorporated in August 2024 and has no prior year.
FY26 closed on 31 March 2026 and its audited accounts are not in this summary. Operating metrics are management-reported, cumulative and unaudited. Tables are in ₹ lakh; text is in ₹ Cr (100 lakh = 1 Cr).
Investment highlights
Five points survive the filed accounts. Section 12 sets out what a buyer will test against each.
A licensed broker that grew and turned profitable
Entity A grew operating revenue 15.5% to ₹30.61 Cr and moved from a pre-tax loss of ₹0.32 lakh to a profit of ₹72.96 lakh. Cash and bank balances rose 2.1x to ₹2.40 Cr.
+15.5% revenueA field-services line growing ahead of cost
Entity B grew revenue 26.9% to ₹16.87 Cr. Its reported EBITDA loss narrowed 45.7% to ₹4.32 Cr; before share-based payment movements, operating costs rose 10.8%.
+26.9% revenueA platform asset built within eight months
Entity C capitalised ₹1.25 Cr of software in development between its August 2024 incorporation and 31 March 2025. Management reports live use with a large general insurer from Q3 2025, after the audited period.
₹1.25 Cr capitalisedReach across the insurance chain
Management reports 12,000+ trained agents, 21+ insurer partners and ₹350 Cr+ of premium facilitated since launch. Field surveys and platform data sit in the same group.
12,000+ agents (management-reported)Proceeds go to the balance sheet first
₹12.50 Cr of the ₹18.00 Cr raise funds working capital and debt repayment. ₹4.00 Cr builds the platform and ₹1.50 Cr funds expansion into new states and corporate surety.
69% to working capital and debtBusiness overview
The group covers three links in rural insurance: selling the policy, verifying the loss in the field and pricing the risk. Each link is a separate legal entity with its own accounts. Entities are called A, B and C throughout.
Entity A · Insurance broking, est. 2020
IRDAI-licensed since 2021. Sells crop, cattle, motor, health and climate cover through a trained agent network. FY25 revenue ₹30.61 Cr.
Entity B · Field services, est. 2021
Runs crop-loss surveys, crop-cutting experiments and scheme quality checks for insurers. FY25 revenue ₹16.87 Cr.
Entity C · Climate-risk platform, est. 2024
Builds parametric insurance and automated-claims software. FY25 revenue nil; first insurer deployment reported from Q3 2025.
The bars show each entity's share of aggregated FY25 revenue.
Business model & economics
None of the three entities underwrites risk; each earns a fee. The fee basis differs, and so does the speed at which cash arrives.
75.9% of operating revenue. The other ₹7.37 Cr is unbilled accrual (section 09). Commission runs 4–40% of premium by line, per management.
Management rates: ₹350 per crop survey, ₹120 per crop-cutting audit, ₹3 per scheme quality check. Revenue clusters in two months (section 06).
Planned: one-time insurer integration fees, per-call API fees and subscriptions. No revenue is recorded in the audited period.
Entity A's billed commission of ₹23.23 Cr compares with ₹18.98 Cr of direct distribution cost (commissions, manpower services, business support), leaving 38.0%. B's fees are fixed per unit, so its margin depends on field cost per survey, which the accounts do not split out. Receivables take 92 days at A and 202 days at B.
The table shows who pays each entity and on what unit.
| Entity | Payer | Unit of fee | FY25 revenue (₹ lakh) |
|---|---|---|---|
| A · Broking | Insurers | % of premium | 3,060.69 |
| B · Field services | Insurers, state bodies | ₹ per survey, audit or check | 1,686.64 |
| C · Platform | Insurers, intermediaries | Per integration, call or seat | – |
Operating footprint
Activity metrics sit outside the audited accounts. They show scale of reach, not earnings, and are cumulative unless stated.
Entity A · distribution
Entity B · field services
Entity C · platform
The last row of Entity A is derived: FY25 billed commission of ₹23.23 Cr divided by 12,000 trained agents. Most trained agents therefore bill little, which is both the gap and the lever in section 11.
Insurer-wise statements, survey logs and policy and claim records go into the data room.
Working capital & funding cycle
Entity A records revenue before insurers pay it and before it is billed. Entity B earns most of its revenue in two months and carries its costs for the rest of the year.
Total receivables ₹7.74 Cr, 95.3% of it unbilled. Billed receivables under six months are ₹0.37 Cr.
Up from 148 days in FY24. Receivables of ₹9.34 Cr equal 55.4% of annual revenue.
September and November together, per management's FY27 cash-flow model. Cash costs run through the other ten.
The table sets the two balance sheets side by side.
| A · FY24 | A · FY25 | B · FY24 | B · FY25 | |
|---|---|---|---|---|
| Trade receivables | 669.52 | 773.86 | 537.78 | 934.37 |
| of which unbilled accrual | 656.32 | 737.19 | – | – |
| of which billed, under six months | 13.20 | 36.67 | – | – |
| Receivable days (on operating revenue) | 92 | 92 | 148 | 202 |
| Trade payables | 548.16 | 289.33 | 481.38 | 143.30 |
| TDS and GST recoverable | 437.67 | 351.88 | n/a | n/a |
A's trade payables fell ₹2.59 Cr (47.2%) while receivable days held at 92. Tax balances recoverable at A reached ₹3.52 Cr, of which TDS grew ₹0.61 Cr in the year. B's other current assets rose ₹3.80 Cr to ₹5.00 Cr.
Management's FY27 cash-flow model shows a net annual funding need of ₹5.80 Cr, with ₹4.09 Cr of the ₹6.20 Cr gross monthly need in the first half. H1 FY27 closed on 30 September 2026; actuals go into the data room.
The ₹7.00 Cr working-capital bridge and ₹5.50 Cr debt repayment in section 11 address this cycle.
Customer mix & concentration
Both revenue lines are paid by institutions: insurers at Entity A and insurers and state bodies at Entity B. A repeat order follows each crop season and each renewal cycle.
The base, in numbers
What the file does not contain
No account-level billing was supplied for either FY24 or FY25. The masked top-20 table, the concentration chart and the segment movement chart are therefore not shown, and nothing here is estimated. Each is provided in the data room under fixed customer codes.
Revenue at A and B depends on a short list of institutional payers: 21+ insurers at A and four named clients at B. The share of the largest payer is not yet measured.
What reduces the exposure is A's breadth of 21+ insurer partners and B's per-unit pricing, which resets each season.
Financial snapshot
The three entities are shown side by side and then added. The aggregate is arithmetic, not a consolidation.
Aggregated revenue grew 19.3%, and 82.6% of the ₹3.40 Cr improvement in pre-tax result came from Entity B.
| A · FY24 | A · FY25 | B · FY24 | B · FY25 | C · FY25 | Aggregate FY24 | Aggregate FY25 | |
|---|---|---|---|---|---|---|---|
| Operating revenue | 2,649.36 | 3,060.69 | 1,329.45 | 1,686.64 | 0.00 | 3,978.81 | 4,747.33 |
| Employee benefits | 181.25 | 226.78 | 813.97 | 258.88 | 10.58 | 995.22 | 496.24 |
| Other operating expenses | 2,434.42 | 2,689.59 | 1,310.89 | 1,859.66 | 3.48 | 3,745.31 | 4,552.73 |
| EBITDA, reported | 33.68 | 144.31 | (795.41) | (431.90) | (14.06) | (761.73) | (301.64) |
| Other income | 6.34 | 8.74 | 39.56 | 78.89 | 0.00 | 45.90 | 87.63 |
| Depreciation | 1.28 | 1.75 | 16.23 | 17.15 | 0.00 | 17.51 | 18.90 |
| Finance costs | 39.06 | 78.34 | 56.87 | 177.63 | 0.00 | 95.93 | 255.97 |
| Profit / (loss) before tax | (0.32) | 72.96 | (828.94) | (547.79) | (14.06) | (829.26) | (488.89) |
| Profit / (loss) after tax | (0.42) | 73.14 | (828.94) | (547.79) | (14.06) | (829.36) | (488.70) |
Net worth is negative in aggregate at ₹6.27 Cr, with Entity A the only positive balance.
Entity A · 31 March 2025 (₹ lakh)
Entity B · 31 March 2025 (₹ lakh)
Entity C · 31 March 2025 (₹ lakh)
Weakest metric. Entity B's operating cash flow was ₹(13.19) Cr on revenue of ₹16.87 Cr. New borrowings of ₹13.45 Cr funded it, taking gross borrowings to ₹22.67 Cr against net worth of ₹(7.57) Cr.
Entity A generated ₹0.41 Cr of operating cash flow before ₹0.78 Cr of interest.
Quality of earnings
EBITDA here is operating revenue less employee and other operating expenses, before other income, depreciation, finance costs and tax, on a reported, standalone basis.
Entity A's EBITDA margin rose 3.4 points to 4.7%. Advertisement leverage contributed 4.0 points and the direct-cost ratio 1.0. Within that ratio, ₹8.04 Cr of manpower-service cost was replaced by ₹10.11 Cr of extra commission payout.
| FY24 | FY25 | Change (pts) | |
|---|---|---|---|
| Commission payouts | 8.9% | 40.7% | +31.8 |
| Manpower services | 45.7% | 13.3% | -32.4 |
| Business support | 8.4% | 8.0% | -0.4 |
| Direct distribution costs | 63.0% | 62.0% | -1.0 |
| Advertisement | 25.6% | 21.6% | -4.0 |
| Employee benefits | 6.8% | 7.4% | +0.6 |
| All other operating | 3.3% | 4.3% | +1.0 |
| EBITDA margin | 1.3% | 4.7% | +3.4 |
The table shows what operating cash flow was against EBITDA.
| FY24 | FY25 | |
|---|---|---|
| A · EBITDA | 33.68 | 144.31 |
| A · operating cash flow | (333.99) | 41.08 |
| A · conversion | n/m | 28.5% |
| B · EBITDA | (795.41) | (431.90) |
| B · operating cash flow | (246.31) | (1,318.81) |
Add-backs
None included. Entity B's cash-flow statement carries share-based payments: a ₹1.24 Cr charge in FY24 and a ₹0.99 Cr credit in FY25. Reported results include both.
Revenue recognition at A
Unbilled revenue of ₹7.37 Cr (FY24: ₹6.56 Cr) is booked at its closing balance each year; its increase is ₹0.81 Cr. A buyer will test subsequent billing.
Leverage and finance cost
Gross borrowings ₹30.97 Cr; aggregated finance cost ₹2.56 Cr (FY24: ₹0.96 Cr). Net debt to EBITDA is not meaningful as aggregated EBITDA is negative.
Capex cycle
Entity C added ₹1.25 Cr of software. Entities A and B added no fixed assets in FY25; A's ₹0.61 Cr capital work in progress is unchanged. ₹4.00 Cr more is planned.
Perimeter and related parties
Entity A's ₹7.15 Cr corporate loan equals Entity B's loans and advances; A's ₹0.78 Cr interest closely matches B's ₹0.79 Cr other income. Both are shown gross.
Recency
The latest audited year closed on 31 March 2025, over 18 months ago. FY26 and H1 FY27 are unaudited here and are the largest gap in the file.
Management & organisation
Three co-founders carry the licence, the insurer relationships and the technology. The extended team runs operations, research and the cattle vertical.
| Role | Entities | Experience | Background | Responsibility |
|---|---|---|---|---|
| Co-founder & Director (1) | A, C | 16+ years | Large private general insurer; MBA; engineering graduate | Strategy, fundraising, revenue, regulatory |
| Co-founder & Principal Officer | A, C | ~20 years | Large private general insurer | IRDAI compliance, licensing, product |
| Co-founder & Chief Product and Technology Officer | C | 15+ years | Global and Indian banks | Product and technology |
| Director & VP Operations | A | – | – | Operations |
| Head of R&D | C | – | – | Research |
| Cattle Head | A | – | – | Cattle vertical |
Entities A and B share one statutory auditor; Entity C has another. No common board exists today (section 11).
Three people carry the business: the Principal Officer holds the licence credential at A, Director (1) holds the insurer relationships, and the technology head leads the platform at C. The first platform customer is a former employer of Director (1).
The file documents no succession plan or retention arrangement.
Capital raise proposition
The promoters seek primary equity, not an exit. The investment would sit in a holding company that owns the three entities and is yet to be put in place. Terms below are management's proposal; valuation is open.
Transaction parameters
Net annual need in management's cash-flow model; the first half carries ₹4.09 Cr of the ₹6.20 Cr gross.
Short-term borrowings rose from ₹9.22 Cr to ₹22.67 Cr in FY25.
First insurer deployment is live; ₹4.00 Cr is earmarked to add integrations.
Financial investors
Growth-equity and venture funds with insurtech, agritech or climate-finance mandates, able to fund a seed round and follow on at Series A.
Strategic investors
Insurers, intermediaries and agri-ecosystem groups seeking rural distribution, field data or parametric technology.
Development and climate finance
Impact and climate-finance investors for whom rural insurance penetration is the thesis.
The table shows where the ₹18.00 Cr is proposed to go.
| Purpose | ₹ Cr | % of raise |
|---|---|---|
| Working-capital bridge, FY27 | 7.00 | 39% |
| Repayment of existing working-capital debt | 5.50 | 31% |
| Technology: platform, insurer integrations | 4.00 | 22% |
| Market expansion: new states, corporate surety | 1.50 | 8% |
| Total | 18.00 | 100% |
Lever 1 · Direct cost at A
Direct distribution costs absorb 62.0% of A's revenue. Each point removed adds ₹0.31 Cr of EBITDA.
Lever 2 · Agent activation
12,000+ agents bill ₹19,362 each on average. Each extra ₹10,000 per agent adds ₹12.00 Cr of commission revenue.
Lever 3 · Breakeven at B
B needs 25.6% more revenue on its present cost base to reach EBITDA breakeven.
Lever 4 · Platform revenue
C has no revenue base, so every insurer integration signed is incremental.
₹5.50 Cr of debt repayment is 17.8% of the ₹30.97 Cr gross borrowings, of which ₹7.15 Cr matches an intra-group loan asset. Lender, tenor and security are disclosed in the data room.
Management projections exist. They are management's own, not a forecast, not validated by the adviser, and carry no weight in valuation until tested against an order book.
Risks & mitigants
Eight risks, stated as the filed accounts show them. Each is followed by what the promoters will evidence.
Leverage and negative net worth at B
Entity B carries ₹22.67 Cr of short-term borrowings (FY24: ₹9.22 Cr) against net worth of ₹(7.57) Cr. Finance cost was ₹1.78 Cr.
Mitigant
₹5.50 Cr of proceeds repay debt and the ₹7.00 Cr bridge reduces new borrowing. Lender terms, security and the intra-group share of the ₹30.97 Cr total are disclosed on NDA.
Cash burn at B
Operating cash outflow was ₹13.19 Cr in FY25 (FY24: ₹2.46 Cr). Receivable days rose from 148 to 202, and 73% of revenue falls in two months.
Mitigant
Revenue grew 26.9% and the EBITDA loss narrowed 45.7%. The monthly cash-flow model and H1 FY27 actuals are provided in the data room.
Revenue recognition and receivables at A
₹7.37 Cr (24.1%) of operating revenue is unbilled accrual. Billed receivables under six months are ₹0.37 Cr; TDS recoverable is ₹2.96 Cr.
Mitigant
Subsequent billing and receipt against the opening ₹6.56 Cr balance, TDS credit claims and refund status are shown in the data room.
Thin broker margin
A's EBITDA margin is 4.7%. Direct distribution costs absorb 62.0% of revenue and advertisement 21.6%.
Mitigant
Margin after direct costs rose from 37.0% to 38.0%, and EBITDA margin gained 3.4 points. Each point of direct cost is worth ₹0.31 Cr.
Unproven platform at C
Entity C had no revenue to 31 March 2025, is funded by ₹1.15 Cr of shareholder loans and carries ₹1.25 Cr of capitalised software. Live use dates from Q3 2025.
Mitigant
Management reports 34,937 policies and 3,816 automated claims. System logs, the insurer agreement and software cost records go into the data room.
Structure not yet in place
No holding company or common shareholder set exists in the accounts. A has six holders and C four; B's holders are not stated. Entities present their accounts on different bases.
Mitigant
A share exchange into the holding company is a closing condition. Steps, tax cost and regulatory approvals, including for A, are set out before term sheet.
Dated financials
The latest audited year ended on 31 March 2025, over 18 months ago. FY26 closed on 31 March 2026 and H1 FY27 on 30 September 2026; neither is audited here.
Mitigant
FY26 accounts and H1 FY27 management accounts are loaded to the data room before diligence meetings.
Payer concentration and key people
Revenue at A and B is paid by insurers and state bodies, and account-level data is not yet shared. The licence, insurer relationships and platform each rest with one co-founder.
Mitigant
Insurer-wise billing and the top-20 table go into the data room. A's 21+ insurer partners reduce single-payer exposure.
Process & next steps
Interested parties sign a non-disclosure agreement first. The key to customer codes, the entity names and the FY26 accounts are released after that.
Process
Adviser
CA Dhiraj Ostwal & Co. — Transaction Advisory. Reference: Project Trivanta, SE-059. Contact details are released with the NDA.
Document status
Blind, pre-NDA, October 2026. Latest audited year: FY25.