Former Fusion Finance Promoters Devesh Sachdev and Family Seek Reclassification to Public Shareholder Category
New Delhi [India], March 10: Honey Rose Investment Ltd. (an affiliate of Warburg Pincus), along with Creation Investments Fusion LLC and Creation Investments Fusion II LLC, will continue as promoters of Fusion Finance Ltd. The development comes following the request from the existing promoter, Mr. Devesh Sachdev and his family trust, to reclassify their status from ‘Promoter & Promoter Group’ to the ‘Public’ category.
In the stock exchange filings dated February 21 and February 27, Fusion Finance had said it has received requests from Mr. Devesh Sachdev, Mrs. Mini Sachdev, and M/s. Devesh Sachdev Family Trust to reclassify their status from the ‘Promoter & Promoter Group’ category shareholder to ‘Public’ category shareholder. The reclassification is subject to approval by the stock exchanges, followed by shareholders’ approval.
Reasons for the reclassification
The Board of Directors of Fusion Finance has approved the reclassification, as Mr. Devesh Sachdev & Family do not exercise any direct or indirect control over Fusion Finance and do not influence its management or policy decisions. Similarly, they don’t have any representation on the Company’s Board and don’t participate in any manner in the Company’s day-to-day activities. Additionally, certain special rights previously granted to Mr. Devesh Sachdev were terminated vide shareholder approval dated January 7, 2026, and the corresponding provisions in the Articles of Association have accordingly ceased to be in effect.
Accordingly, Honey Rose Investment Ltd. (Warburg Pincus), Creation Investments Fusion LLC, and Creation Investments Fusion II LLC remain as the promoters of the company, cumulatively holding more than 52% stake in the company.
Shareholders approved amendments to Fusion’s Articles of Association (AoA)
In January 2026, shareholders approved amendments to the Articles of Association, inter alia, removing special rights previously available to Mr. Devesh Sachdev, thereby aligning the governance framework with the Company’s current professionally managed structure. The proposed reclassification is a natural progression of the governance transition already effected, ensuring that shareholding classification accurately reflects Fusion Finance’s evolved management and control structure.
Focused on growth
Fusion Finance is focusing on its growth and expanding its business, with Mr Sanjay Garyali as its Managing Director & Chief Executive Officer. The company recently completed and raised Rs. 800 crore through a rights issue in April 2025 and Dec 2025, witnessing participation from existing institutional investors, including promoters Warburg Pincus & Creation Investments. As of December 2025, the company had assets under Management (AUM) of INR 6,876 crore, and a network of 1,537 branches spread across 22 states, including 3 Union Territories.