Veritas Finance Pvt Ltd (Veritas Finance), a Chennai-headquartered non-banking finance company (NBFC) focused on lending to micro, small, medium enterprises (MSME), on Thursday announced that it has raised Rs 440 crore of primary investment through a Series F round, led by existing investors Norwest Venture Partners, Kedaara Captial and Caspian with support from new investors Evolvence India Fund III and Growth Catalyst Partners LLC.
The company proposes to use the additional capital to further penetrate the existing markets.
Promoted in 2015 by D Arulmany, Veritas Finance has since created a loan book of Rs 1,750 crore. It has a customer base of over 60,000 across eight states and one Union Territory.
Arulmany, MD & CEO, said the current capital raise will help the company penetrate deeper and expand to new geographies to pursue high growth, while insulating the organisation from any further shock waves or disturbances.
“Our existing investors Norwest and Kedaara Capital have reposed confidence in the business model and our execution capabilities and have led the round which has participation from GCP and Evolvence India. The current capital will place the organisation strongly to build a loan book of Rs 4,000 crore in the next 12 months,” Arulmany said.
Shiv Chaudhary, MD, Norwest Venture Partners, said, “The business continues to demonstrate strong execution and great team culture with a vision to become one of India’s leading retail NBFCs. The company has invested in the right building blocks to enable scale with a high degree of corporate governance, technological prowess and institutionalisation.”
