Chennai, March 28
Vivriti Capital, a Chennai-based non-banking finance company, has raised $55 million (about ₹400 crore) in Series C funding. The latest round of funding was by global private equity platform Lightrock India and Creation Investments, a global leading impact investment management company. Both are existing investors of the company.
Vivriti Capital has cumulatively raised $165 million since inception. The current funding will be used for business expansion as well as technology for customer acquisitions, product delivery and portfolio management. Part of the funds will go to its subsidiary, Vivriti Asset Management, to build the leading global asset management platform focused on performing credits, the company said in a press release.
“We are extremely thrilled to conclude a raise in a most challenging macro environment with the support of Lightrock and Creation Investments. The equity capital will give us sufficient firepower to scale across domestic and international markets,” Vineet Sukumar, Founder & CEO, Vivriti Capital and Vivriti Asset Management, was quoted in the statement.
Vivriti Capital said it 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.
Kartik Srivatsa, Managing Partner, Lightrock India said, “Over the last couple of years, Vivriti has emerged as a highly scalable yet extraordinarily safe pair of hands for both global investors and Indian financial institutions to invest in fair-price debt in high-impact companies. We are extremely excited to lead this round to further their journey in transforming enterprise finance for SME businesses in India.”
“Vivriti has ambitious growth plans, and this is a crucial step in its journey. We have been impressed with the team’s ability to channel capital to segments underserved by the prevailing financial system in India,” Tyler Day, Partner, Creation Investments, said, in the release.
Avendus Capital was the exclusive financial advisor to Vivriti Capital on this transaction.