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Institutional finance provider Vivriti Capital plans to raise a Series B funding of ₹450 crore from large private equity funds. The deal, which is likely to close within the next couple of months, will be the company’s third fund-raising in the last one year.
Gaurav Kumar, Founder, and Director, Vivriti Capital, told BusinessLine that the company is in advanced discussions with a few PE firms, both domestic and offshore.
Vivriti Capital is an NBFC, which runs a technology-enabled marketplace for institutional and enterprise debt. The company secured ₹110 crore worth of equity from its existing investor Creation Investments in March this year. Prior to that, it had raised ₹200 crore in December last year.
The fresh funding will be used to build the technology infrastructure and data science capabilities, hiring, and scaling up its lending activity.
Started in mid-2017 by Gaurav Kumar and Vineet Sukumar, the Chennai-based tech-enabled institutional finance facilitator is a marketplace for financial institutions, corporates, small enterprises, and individuals to access finance quickly and efficiently with the help of advanced predictive analytics, statistical models, credit scoring models, recommendation engines, and customisable user dashboards.
The company, which received approval from the Reserve Bank of India to float an NBFC in January 2018, has, so far, facilitated loans worth ₹750 crore since inception, even as NBFCs face liquidity crunch.
The company’s marketplace has closed transactions, such as debt funding and securitisation, worth ₹15,000 crore in the last one year.
With the help of technology, Vivriti also plans to expand its user base to one lakh from 1,000 and transaction volumes to over ₹1-lakh crore from ₹15,000 crore by 2024.
Kumar said the company, with a massive plan to ramp-up its technology team, is looking to hire 90 tech professionals, and aims to double the headcount of its tech team to 100 by the end of 2019.
The company is planning to hire professionals across specialisations such as development (core technology), design, data scientists, data privacy, and security from mid to senior levels.
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