Nisus Finance is carving a distinctive space in India’s real-estate funding ecosystem through a sharp mix of structured finance, asset management and transaction advisory. In an exclusive conversation with CW, Amit Goenka, Chairman and Founder, shares insights into the company’s unique approach to urban infrastructure finance. He discusses how Nisus Finance is not only expanding within India but also venturing into emerging markets, offering tailor-made solutions for urban development projects.How would you define your core business model and what differentiates you in this space?We are India’s foremost urban infrastructure finance company. What sets us apart is our deep, multifaceted approach to urban finance. Having been in the business for over 15 years, our track record speaks for itself – our ability to consistently generate returns in the real-estate sector, a space where many have lost money, is what truly differentiates us.Our engagement spans multiple asset classes: land, residential, commercial, retail, healthcare, hospitality, education, warehousing, logistics, co-living and co-working. We’re not only present in metros but also in Tier 2 and Tier 3 cities, which gives us a broad footprint across the country. Importantly, we don’t just provide capital; we combine it with expertise. Our capital is always backed by in-depth market knowhow, operational engagement and strategic guidance, which helps create turnarounds for the companies we invest in. Clients come to us not for the cheapest money but for a solution that can unlock real value in their projects.Can you give us some examples of how your approach works in practice?A great example is the self-redevelopment model we pioneered in Mumbai. We were the first to support societies redeveloping their properties on their own. This allowed us to invest in projects without the burden of acquiring land, as the society already owned it. By combining capital with expert guidance, we helped these projects succeed. Our approach ensured alignment with all stakeholders, minimising risk while sharing profits. We also work with developers facing challenges due to regulatory hurdles or banking issues. In these situations, we step in with both the capital and expertise needed to resolve these issues and complete the projects successfully.You have a presence in GIFT City, Dubai and Mauritius. What are your strategic goals for each of these international hubs?Each hub serves a distinct purpose in our global strategy. Mauritius acts as a tax-efficient gateway for FDI into India, while Dubai allows us to tap into the large Indian diaspora and Gulf-based HNIs with a strong affinity for Indian real estate. GIFT City enables us to domicile funds in India with international participation. We were the first to invest outside India, setting up operations in Dubai, where we’ve established a unique position in the market. We’re seeing strong growth there and our presence gives us an incredible opportunity to leverage capital from emerging markets. This allows us to expand into other parts of the Middle East with no direct competition.What factors do you consider when evaluating credit-worthy opportunities in real estate, a high-risk sector?We focus on several key parameters when evaluating projects. First, the background of the counterparty is crucial – strong credit profiles, solid track records and a good reputation within the market. Second, we look at the professional acumen of the developer and their understanding of the micro-market they operate in. We also assess whether the asset class is consumption-based or speculative. For instance, building luxury villas in Thane may not make sense, but it certainly does in South Mumbai. Last, we evaluate the project’s economics: does it have enough margin to ensure the developer can repay us, even in a worst-case scenario? If the project doesn’t make money for the developer, it won’t make money for us.How does Nisus Finance structure partnerships and funding for developers?We have a flexible approach to structuring deals. For instance, we were the first to support the redevelopment of societies in Mumbai. We also help developers acquire distressed projects from banks or those stuck due to regulatory issues. Our approach is highly dynamic, ensuring that the financial solution is tailored to the specific needs of the developer. We typically enter projects when the land is acquired or approvals are in place, and construction has begun. Our structures include secured debt, mezzanine finance and hybrid instruments like convertible debentures. We also provide last-mile financing and co-invest with family offices when appropriate. The goal is to customise capital based on actual project needs and the risk profile.With growing capital needs in urban infrastructure – affordable housing, transport, logistics – how is Nisus positioning itself to fill these funding gaps?We are uniquely positioned to fill the capital gap for affordable housing. Unlike traditional lenders, we structure our capital to match the specific needs of the project. We don’t just offer loans; we work closely with developers to offer flexible repayment terms, moratoriums and the necessary capital to ensure projects are completed on time.We’re also partnering with other capital providers like asset reconstruction companies and government-backed funding institutions. By collaborating with them, we can offer a cohesive solution to developers who are struggling to complete projects. Additionally, we are launching new funds specifically targeting affordable housing and logistics, areas where PPPs are emerging but access to capital is still limited.You operate across both fund/asset management and transaction advisory. How do you see this revenue mix evolving over the next two to three years?Currently, about one-third of our revenue comes from asset management (AUM) and two-thirds from advisory. However, as our AUM grows, we expect the balance to shift. In the next two to three years, with a larger AUM, we anticipate AUM revenue to outpace advisory. As we scale, AUM will become the dominant contributor, with advisory accounting for about 30-35 per cent of our total revenue.The larger our AUM grows, the more challenging it becomes to scale advisory at the same pace. While advisory will grow steadily, AUM can grow much faster, especially with larger projects. So, in the next few years, we expect the shift where AUM drives the bulk of the growth.Given the recent REIT listings in the UAE and the structured real-estate opportunities in India, where do you see the maximum headroom for innovation and capital deployment?The recent REIT listings in the UAE and the growing structured real-estate opportunities in India highlight a significant shift in capital deployment. In India, tokenisation presents the biggest opportunity for innovation. Once we can tokenise real-estate projects, it will unlock substantial capital from retail investors. A small investor could invest as little as Rs 10,000 into a real-estate project and share in its profits.As India’s asset base grows, particularly in sectors like warehousing, logistics parks and retail, there will be innovative ways to structure these assets for REITs. The real opportunity lies in making these investments accessible to a broader base, either through listed REITs or private funds. Additionally, there’s substantial untapped potential in emerging sectors like co-working, co-living and student housing, which are increasingly attractive to investors. Sustainable real-estate projects, aligned with India’s green building certifications, also present huge opportunities for innovation.In terms of the future, what do you see as the biggest trends in the real-estate and urban infrastructure finance space?Tokenisation is definitely the future. Once we can tokenise real-estate projects, it will open up significant funding opportunities, allowing retail investors to participate in large-scale developments with as little as Rs 10,000. This will democratise investments and unlock massive capital for real-estate projects. Moreover, global capital is increasingly targeting stable, income-generating assets like offices, retail and logistics parks. We’re also seeing growing interest in alternative asset classes such as co-living, student housing and senior living. Geographically, while metros like Mumbai, Pune, NCR and Bengaluru remain dominant, we’re seeing interest grow in micro-markets like Ahmedabad, Indore and Kochi.What is your long-term vision for Nisus Finance?Our long-term vision is to continue expanding across emerging markets. We are focused on both India and the Middle East and we have plans to eventually explore Eastern Europe. While we have set ambitious AUM targets, our true measure of success is not just AUM but the value we create for our investors. Our priority is profitability and delivering superior returns. We believe in creating real value; by doing so, we will continue to attract global capital and play a pivotal role in India’s urban infrastructure development.