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Vivifi India Finance Pvt Ltd, a Hyderabad-based fintech non-banking financial company, has completed its Series B funding of about ₹617 crore ($75 million).
Though the NBFC declined to name the investors, according to Registrar of Companies filings, the investing entity is BP IN VPF LLC.
The funding, a combination of debt and equity in a preferential round, came from the US-based speciality/alternative finance company.
“We are very excited to announce the completion of this funding round. This funding not only affirms the strength of our business model but also positions us effectively to meet the ever-dynamic demands of our customer base,’’ Anil Pinapala, Founder and CEO, Vivifi, told mediapersons in Hyderabad on Wednesday.
“With this funding, we are hopeful of expanding our customer base to a million users in the next 12-18 months. This infusion of capital is timely as regulatory demands for enhanced capital adequacies in the unsecured lending sector intensify,’’ he added. In Series A funding, it raised $6 million.
The company said the capital raised will help it expand its technology-driven credit solutions and focus on the micro-enterprises segment in addition to its main solutions, FlexPay and FlexSalary.
In FY23, the company reported revenue of ₹166 crore, with net profit exceeding ₹16 crore along with disbursal of ₹1,000 crore, and expects to nearly double its revenues withdisbursal of over ₹2,500 crore this year.
A majority of the beneficiaries of its solutions earn less than ₹30,000 per month and are borrowing from tier-II and III cities across India, the company said, adding that it has been profitable since inception.
Vivifi aims to expand its workforce from 800 to over 2,000 in the next 12-18 months and establish multiple offices across tier-II and tier-III cities in Telangana, Andhra Pradesh and beyond.
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