Chennai-headquartered Vivriti Capital, a non-deposit taking NBFC, has raised $55 million (about Rs 400 crore) in its Series C funding from PE platform Lightrock India and impact investment management firm Creation Investments.
With this latest round of funding, Vivriti Capital has cumulatively raised $165 million since inception.
The company had previously secured funding from both Lightrock and Creation in its Series A and B rounds. The latest funds will be used for business expansion as well as technology for acquisitions, product delivery and portfolio management. Part of the funds will go to its subsidiary, Vivriti Asset Management.
The firm said it is on track to become the largest technology-enabled mid-market debt lender in India with assets of more than $5 billion over the next 4-5 years. It plans to achieve this target using a combination of a high quality and diversified balance sheet at Vivriti Capital and a pioneering ‘managed’ book through Vivriti Asset Management.
Vineet Sukumar, founder & CEO, Vivriti Capital and Vivriti Asset Management, said: “Today’s funding milestone underscores the confidence our investors have in us. We are extremely thrilled to conclude a raise in a most-challenging macro environment with the support of Lightrock and Creation Investments. Throughout the pandemic, we’ve experienced phenomenal growth and considerable scale across debt products. The equity capital will give us sufficient firepower to scale across domestic and international markets.”
Avendus Capital was the exclusive financial adviser to Vivriti Capital on this transaction.
Vivriti Capital has over the last five years built a successful franchise with Rs 3,700 crore of portfolio as well as 300 plus clients across 30 sectors and 26 states. The company mainly focuses on investment in technology, underwriting and distribution.
Kartik Srivatsa, managing partner, Lightrock India, said: “Over the last couple of years, Vivriti has emerged as high scalable yet extraordinarily safe pair of hands for both global investors and Indian financial institutions to invest in fair-price debt in high-impact companies. We are extremely excited to lead this round to further their journey in transforming enterprise finance for SME businesses in India.”
Tyler Day, partner, Creation Investments, said: “Vivriti has ambitious growth plans and this is a crucial step in its journey. We have been impressed with the team’s ability to channel capital to segments underserved by the prevailing financial system in India.”