The company had filed IPO papers with Securities and Exchange Board of India (Sebi) in January and received "observations" from the regulator on April 3, as per the latest update with the markets watchdog.
Joshi, who has over 23 years of experience in the lending business, will be based in Mumbai.
The company entered the SME sector in April 2015, with a focus on lending to businessmen and professionals like lawyers, architects, doctors and CAs. The lending, with a ticket size of Rs 50 lakh to Rs 5 crore and a tenure of 15 years, is secured by way of collateral and cash flows. It closed the fiscal with a loan book of Rs 223 crore.