Comments
Veritas Finance, a non-banking lender focused on lending to micro, small, medium enterprises (MSMEs), on Thursday announced that it has raised ₹440 crore in primary investment through its Series F round of funding.
The funding round was led by existing investors Norwest Venture Partners (NVP), Kedaara Capital and Caspian along with new investors like Evolvence India Fund III (Evolvence India) and Growth Catalyst Partners (GCP).
Also see: FIDC seeks refinance mechanism for NBFCs
Promoted by D Arulmany in 2015, the Chennai-based non-banking finance company (NBFC) has a loan book of over ₹1,750 crore and a customer base over 60,000 spread across eight States and one Union Territory. The company said it will use the funds to penetrate deeper into existing markets in India.
“The company has handled the Covid crisis which hit the MSME segment well and is today well positioned to scale up the volumes significantly. The current capital will place the organisation strongly to build a loan book of ₹4,000 crore in the next 12 month,” D Arulmany, MD & CEO, Veritas Finance, said in a press release.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.