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Chennai-based Veritas Finance Ltd, a non-banking finance company that lends to micro and small businesses, has raised ₹120 crore in a Series B round led by CDC Group plc, UK’s development finance institution, which has also given it ₹35 crore in debt.
While CDC put in ₹65 crore as equity in the round, existing investors Lok Capital, through funds managed and advised by it, contributed ₹45 crore and another existing investor PS Pai, former Executive Chairman, Murugappa group, and his wife, chipped in with the balance ₹10 crore. Veritas will use the money to roll out new products, improve its technology and start operations in Andhra Pradesh and Telangana. It is now present in Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha.
With this, Veritas’ equity base goes up to ₹165 crore. The company may look at a larger round of funding towards next-year-end.
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