Vivriti Capital, a Chennai-based non-banking finance company (NBFC), on Thursday announced that it has raised an additional $30 million in Series C funding from TVS Shriram Growth Fund 3, a home-grown private equity fund managed by TVS Capital. 

Vivriti Capital earlier raised $55 million in the first close of its Series C funding in March 2022 from existing investors Lightrock and Creation Investments. The funds will be allocated between Vivriti Capital and its subsidiary Vivriti Asset Management, which manages closed-ended debt funds investing in mid-sized corporates, the company said in a press statement. 

Vineet Sukumar, Founder & CEO, Vivriti Capital and Vivriti Asset Management termed TVS Capital as an extremely aligned partner with expertise and a long-term commitment to the Indian fintech space. 

‘Great potential’

“The Indian performing credit space has displayed great potential, especially in the months following the pandemic. The latest round of funding will enable us to deepen our engagement with our clients as well as invest in technology and product development,” he added. 

Founded in 2017, the Vivriti Group is on track to become the largest technology-enabled mid-market debt lender in India with assets of more than $5 billion over the next four to five years. 

“The Indian debt markets are poised to deepen, driven by the growth of credit to the financially under-served segments, where Vivriti has thrived in terms of growing its loan book while maintaining the best-in-class asset quality,” said Gopal Srinivasan, Chairman & Managing Director, TVS Capital. 

“We are delighted to partner with Vineet and Vivriti in their journey to becoming the preferred lender to mid-sized enterprises in India in the years to come,” he added. Avendus Capital was the exclusive financial advisor to Vivriti Capital on this transaction.