Money & Banking

Veritas Finance crosses ₹1,000 crore in AUM

Our Bureau Chennai | Updated on October 21, 2019 Published on October 21, 2019

D Arulmany, MD & CEO, Veritas Finance   -  N. Ramakrishnan

Chennai-based non-banking lender Veritas Finance announced that its assets under management (AUM) has crossed ₹1,000 crore in September 2019.

The non-banking finance company (NBFC) focusses on lending to micro, small, medium enterprises (MSME) and unbanked customers in the rural and semi-urban areas. Veritas Finance’ credit products includes short term loans for working capital, medium term loans for business expansion and long-term loans for asset creation.

In a press statement, the company said, “post commencing the business in October 2015, Veritas Finance over the period till September 30, 2019 has disbursed more than ₹1,400 crore. The current customer base is 40,386 with loan book outstanding at ₹1,048 crore.”

Veritas Finance currently operates out of 193 branches in eight States including Tamil Nadu, Karnataka, West Bengal, Odisha, Madhya Pradesh, Andhra Pradesh, Telangana, Jharkhand and the Union Territory of Puducherry.

During FY2019-20, Veritas Finance added 46 branches and commenced operations in Jharkhand, the statement added.

“When commencing the business in October 2015, we had drawn a vision map for Veritas Finance with three distinct phases of growth. Reaching a loan book of ₹1,000 crore in the first four years of operations was the first milestone in the vision map,” D Arulmany, MD & CEO, Veritas Finance was quoted in the statement.

Published on October 21, 2019
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