Press Release

Press Release

March 05, 2026

VANANAM VENTURES PRIVATE LIMITED
Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	58.00	ACUITE BBB \| Stable \| Assigned	-
Bank Loan Ratings	22.00	-	ACUITE A3+ \| Assigned
Total Outstanding	80.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuite has assigned its long-term rating of ‘ACUITÉ BBB' (read as ACUITE triple B) on the Rs. 58.00 Cr. bank facilities and short term rating of 'ACUITE A3+' (read as ACUITE A three plus) on the Rs.22.00 Cr. bank facilities of Vananam Ventures Private Limited (VVPL). The outlook is ‘Stable’.

Rationale for rating
The rating reflects the company’s improved scale-up driven by its digital rewards, API-led platform, and white-label solutions, supported by improving profitability, healthy coverage indicators, and a strengthening financial profile. The promoters’ experience and the established technology platform further enhance business stability and customer stickiness. However, the rating is constrained by the inherently thin-margin nature of the rewards ecosystem, seasonality-led working capital requirements, elevated reliance on bank limits, and operational and regulatory risks associated with voucher-led businesses.

About the Company

Vananam Ventures Private Limited (VVPL), incorporated on 3 September 2021 and headquartered in Bengaluru, is an API-first B2B SaaS platform specializing in digital rewards, voucher fulfilment, and corporate gifting solutions. Promoted by Keshav Gopaldas Inani, Raghav Inani, Rajasekaran Gautham Sakthi, and Mahendra Parixit Rathod, the company forms the core technology engine of the Vananam Group. Supported by its proprietary platform “The Reward Store”. VVPL enables enterprises to deliver real-time API-based rewards, white-label portals, and curated physical gifting. The company operates through an integrated reward engine offering instant digital voucher delivery, white-label portals, and API-based reward automation, with revenues derived from catalog margins, SaaS/platform fees, physical gifting services, and breakage income. VVPL has operations across India, UAE, Singapore, and the US, transitioning from traditional voucher trading to a technology-led, platform-driven model. Backed by Vananam Enterprises Private Limited as the 99.93% majority shareholder, the company benefits from strong promoter support, group synergies, and expanding multinational partnerships.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered standalone business and financial risk profiles of Vananam Ventures Private Limited (VVPL) to arrive at the rating

Key Rating Drivers

Strengths

Experienced Management
The company benefits from an experienced and forward-looking management team led by its promoters — Mr. Keshav Gopaldas Inani, Mr. Raghav Inani, Mr. Rajasekaran Gautham Sakthi, and Mr. Mahendra Parixit Rathod — who collectively bring strong expertise in digital rewards, technology platforms, enterprise solutions, and large-scale API integrations. Under their leadership, the company has rapidly evolved from a voucher-distribution model into a full-stack, technology-driven rewards and gifting platform. Over the years, VVPL has established strong relationships with leading corporates, payment platforms, fintechs,banks and global digital merchandise partners, supported by a diversified revenue model across catalog margins, SaaS fees, physical gifting solutions, and breakage income. This has enabled the company to build a robust operational track record, scalable technology infrastructure, and a growing presence across India, UAE, Singapore, and the US, reflecting its strengthened position within the digital rewards ecosystem.

Improved scale of operations albeit thin profitability margins
The company continues to demonstrate a steep scale-up in operations, with revenues rising sharply from Rs6.86 crore in FY2023 to Rs434.96 crore in FY2024 and further to Rs.461.28 crore in FY2025, reflecting a strong and sustained growth trajectory driven by the rapid expansion of its rewards-led API platform and deeper enterprise penetration. Export revenues contributed Rs31.52 crore (6.83%) in FY2025, while domestic business remained the dominant revenue driver. During 9M FY2026, the company recorded Rs1,105.80 crore in operating income, supported by strong partner onboarding and increased voucher throughput, with a PAT of Rs28.19 crore, indicating continued traction in operating performance. Profitability strengthened meaningfully, with EBITDA improving to Rs.17.63 crore in FY2025 (3.82%), from Rs.8.97 crore in FY2024 (2.06%). PAT margin also improved to 2.29% in FY2025 from 0.85% in FY2024, as against 3.80% in FY2023, supported by higher operating leverage and reduced finance costs. Acuité believes the operating performance will remain stable over the medium term, aided by sustained enterprise demand for API-driven rewards, expanding partner integrations, and the gradual shift toward higher-margin SaaS and platform-fee revenues.

Healthy financial risk profile:
The company’s financial risk profile remains healthy, supported by steady improvement in net worth, moderate leverage, and strengthening coverage indicators. As of March 31, 2025, the net worth improved to Rs.14.06 crore from Rs.3.17 crore in FY2024 and Rs.1.81 crore in FY2023, driven by healthy profit accretion; additionally, during FY26, the company received a fresh equity infusion of Rs22.50 crore from promoters., further augmenting its capital base. Total debt stood at Rs15.61 crore in FY2025 (comprising Rs2.10 crore long-term borrowings, Rs12.20 crore short term borrowings, Rs 0.84 Cr unsecured loan from related parties and Rs0.48 crore of current maturities), compared with Rs16.16 crore in FY2024 and Rs1.05 crore in FY2023, reflecting increased working capital requirements as the business scaled. As a result, reported gearing improved to 1.11x in FY2025 from 5.10x in FY2024, compared with 0.58x in FY2023; on an adjusted basis (excluding intangible assets), gearing stands at 0.93x in FY2025 and 1.02x in FY2026, indicating that the variation primarily arises from reduction in tangible net worth rather than incremental debt. TOL/TNW moderated to 8.65x in FY2025 from 25.14x in FY2024, against 11.16x in FY2023; after adjusting for intangible assets, the ratio improves further to 7.28x in FY2025 and 3.17x in FY2026, reinforcing that the increase in reported ratios is driven by the intangible-asset adjustment. Coverage metrics strengthened materially, with Interest Coverage Ratio (ICR) improving to 10.36x in FY2025 from 1.85x in FY2024 and 8.24x in FY2023, supported by higher operating earnings and lower finance costs. Debt Service Coverage Ratio (DSCR) improved to 6.23x in FY2025 from 1.81x in FY2024 and 6.69x in FY2023, reflecting strong cash flow adequacy to meet repayment obligations. Overall, Acuité expects the company’s financial risk profile to remain healthy over the medium term, supported by rising profitability, improved capitalization following the FY26 equity infusion, and the absence of any major debt-funded capex

Weaknesses

Moderate working capital operations
The company’s operations remain moderately working-capital intensive, reflected in a Gross Current Asset (GCA) cycle of 81 days in FY2025, higher than 50 days in FY2024 and 352 days in FY2023, largely due to increased inventory levels as the scale expanded. Inventory days rose to 44 days in FY2025 from 21 days in FY2024, driven by higher stocking of physical gifting items and digital voucher balances to support seasonal demand, though inventory remains manageable given the predominantly digital, fast-turnover business model. Debtor days remained stable at 14 days in FY2025 and FY2024, compared with 78 days in FY2023, reflecting collection discipline and the instant-delivery nature of the rewards ecosystem. Creditor days moderated to 12 days in FY2025 from 18 days in FY2024 and 6 days in FY2023, resulting in a lower supplier-driven cushion. Overall, while the working-capital cycle has lengthened due to higher inventory, the company continues to maintain moderate working-capital intensity consistent with its high-volume, rapid-turnover digital rewards business. The fund-based bank-limit utilisation averaged at ~72.2% for the six months ending December 2025, indicating continued reliance on working-capital lines to support order volumes and voucher procurement. Going forward, maintaining lean inventory planning and timely collections will remain important for sustaining working-capital efficiency.

Susceptibility of profitability to volatility in input cost, operational and regulatory risks
The company remains exposed to thin profitability margins due to the high-volume, pass-through nature of the voucher-led rewards business. Its earnings are sensitive to fluctuations in procurement costs of digital vouchers and physical gifting items, which limit pricing flexibility. VVPL also faces operational risks related to platform reliability, API integrations, and cybersecurity. Further, the business is vulnerable to evolving regulations governing digital payments, data protection, and voucher-based transactions. Dependence on a concentrated set of enterprise clients and fintech partners adds to volume-related risk, potentially impacting stability if not offset by growth in higher-margin SaaS revenues.

Rating Sensitivities

Consistent improvement in scale of operations while improving profitability margins
Improvement in the working-capital cycle through better inventory planning and timely collections.
Changes in financial risk profile

Liquidity Position:

Adequate

The company’s liquidity profile is adequate, supported by steady net cash accruals of Rs11.47 crore in FY2025, providing sufficient coverage against modest repayment obligations of Rs 0.39 Cr. As of March 31, 2025, VVPL maintained unencumbered cash and bank balances of Rs4.14 crore, though the current ratio remained below unity at 0.87x due to significant advances from customers, which structurally depress short-term liquidity metrics. Fund-based working-capital limit utilisation averaged around 72.2% for the six months ending December 2025, reflecting continued reliance on bank lines to support the high-volume digital rewards and gifting business. Acuité expects liquidity to remain adequate, aided by improving internal cash flows and the absence of any major debt-funded capex plans.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	461.28	434.96
PAT	Rs. Cr.	10.58	3.69
PAT Margin	(%)	2.29	0.85
Total Debt/Tangible Net Worth	Times	1.11	5.10
PBDIT/Interest	Times	10.36	1.85

Status of non-cooperation with previous CRA (if applicable)

None

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History :

Not Applicable

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
IDFC First Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.00	Simple	ACUITE A3+ \| Assigned
Standard Chartered Bank	Not avl. / Not appl.	Bills Discounting	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A3+ \| Assigned
Standard Chartered Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE BBB \| Stable \| Assigned
ICICI BANK LIMITED	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Assigned
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Dropline Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.40	Simple	ACUITE BBB \| Stable \| Assigned
Not Applicable	Not avl. / Not appl.	Proposed Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.60	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dharmavarapu Sai Kiran
Senior Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.