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Findi Ltd ASX:FND

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 3 managers in total.

Position history by manager 3 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

202420252026

4 Dec 2023 to today

Commentary Showing 2 of 16

DateManagerActionSummary

31 Jan 2026DMX Asset ManagementExitDMX Asset Management exited its remaining position in Findi Ltd because the company's balance sheet deterioration — requiring a substantial and highly dilutionary recapitalisation — combined with weak recent cash flows and earnings caused the fund to lose conviction. DMX notes the investment was highly profitable overall and expresses disappointment at not holding through to Findi's planned Indian IPO as originally anticipated. However, with the recapitalisation undermining the prior investment thesis and better opportunities available elsewhere, the fund concluded FND was no longer a compelling relative value proposition.

FintechMonthly Report, price recorded $0.91

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31 Oct 2025DMX Asset ManagementReducedThe fund manager reduced their position in Findi to well under 1% of the portfolio following a third consecutive earnings disappointment and a weak FY26 forecast. The manager acknowledges the opportunity in overlaying products onto ATMs across India but notes recent execution has been challenged, and that declining local market comparables have raised doubts about the company's ability to proceed with its anticipated India IPO at its targeted valuation.

Monthly Report, price recorded $1.87

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14 more comments on FNDPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 3 managers first commented on FND.

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Articles

31 Jan 2026Findi FND Fund Manager Commentary and Investment Thesis

About Findi Ltd

Financials, Diversified Financial Services

Findi (ASX:FND), an Indian digital payments business, delivered strong returns for DMX Asset Management before disappointing results led to an exit. In January 2026, DMX sold its remaining small holding, describing Findi as a highly profitable investment, while expressing disappointment it could not see through Findi's planned Indian IPO. In October 2025, DMX noted Findi reported a weak FY26 forecast, its third consecutive earnings disappointment, though it liked the opportunity to layer additional products onto its payments network. Findi operates in the Financials sector within the Diversified Financial Services industry, and Thesis Tracker has captured 16 comments from 3 fund managers, including DMX Asset Management. Headquartered in Australia, Findi provides digital payments, ATM and financial services in India through its TSI India platform, including white-label ATMs, merchant payments and banking services for underserved communities, and has been preparing a separate Indian listing for its operating business.

Market cap: $40m
Return on equity: -111.2%
Dividend yield: 0.0%
Net margin: -57.4%
52-week range: $0.40 to $2.82

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Findi Ltd (ASX:FND)?

Fund managers including DMX Asset Management, Paradice Investment Management and Monash Investors have invested in Findi Ltd (ASX:FND).

What opportunities or catalysts do fund managers highlight for Findi Ltd?

DMX highlights Findi's opportunity to overlay additional financial products and services onto its Indian payments and ATM network, along with a planned Indian IPO that could crystallise value.

What are the key risks to the Findi Ltd investment thesis, according to fund managers?

DMX notes three consecutive earnings disappointments, including a weak FY26 forecast, which led it to exit before the planned Indian listing.

What does Findi Ltd (ASX:FND) do?

Findi Ltd. is an Australian-headquartered digital payments company focusing on the Indian market. Through its TSI India platform, the firm delivers specialized solutions across electronic payments, financial surveillance, and managed services. Established on March 15, 2000, by founders Gary Philip Foster and Paul Michael Boyatzis, Findi Ltd. maintains its corporate headquarters in Melbourne, Australia. The company operates as a key provider of integrated digital transaction technology and infrastructure within the Indian financial sector.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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