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Veritas Finance Pvt Ltd, a Chennai-based financial services provider for micro and small enterprises, has raised Rs 30 crore in Series A round led by Lok Capital-advised Sarva Capital and Caspian Impact Investment Advisor.
The company will use the money to expand and diversify its products and services.
Veritas now has 12 branches in Tamil Nadu with 200 customers and a loan book of Rs 4 crore. It plans to set up 35 branches in the next few months.
By 2017, it aims to grow its loan book to Rs 200 crore, increase its customer base to 5,000 and start operations in Karnataka, Odisha and Andhra Pradesh.
Founded in November 2015 by D Arulmany, Veritas meets the short-, medium- and long-term financial requirements of financially excluded micro and small enterprises.
According to a press release, the typical customers of Veritas – small and micro entrepreneurs who run bakeries, restaurants and provision stores – have an average monthly income ranging from Rs 25,000 to Rs 60,000 with no prior exposure to formal business finance. The average size of the loans extended is Rs 4 lakh.
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