Non-bank lender Vivriti Capital Pvt. Ltd has raised an extra $30 million (round ₹228 crore) from TVS Shriram Progress Fund 3 as a part of its Sequence C spherical.
The Chennai-based firm had raised $55 million within the first shut of its Sequence C funding in March 2022, from present buyers Lightrock and Creation Investments.
The contemporary proceeds will probably be deployed by the monetary companies platform to develop its enterprise and expertise footprints, rent new abilities in addition to step-up product provide and portfolio administration.
The funds will probably be allotted between Vivriti Capital and its subsidiary Vivriti Asset Administration, which manages closed-ended debt funds investing in mid-sized corporates.
In November final yr, VCCircle had solely reported that the Vivriti Group agency was planning to boost $100 million (roughly ₹740 crore) from present and new buyers.
Vivriti Capital, which offers debt capital to small -and- mid-sized firms (SMEs) working in India, final raised a Sequence B spherical in two tranches with $100 million in March 2020 and ₹100 crore ($13.6 million) in September 2020 from Lightrock (then referred to as LGT Lightstone Aspada).
The lender will partially disburse the contemporary cash to its asset arm Vivriti Asset Administration to ramp up its operations. On Wednesday, the asset administration arm additionally marked the ultimate shut of its second debt fund at ₹350 crore (round $46 million).
Vivriti Capital, which offers debt capital to small -and- mid-sized firms (SMEs) working in India, final raised a Sequence B spherical in two tranches with $100 million in March 2020 and ₹100 crore ($13.6 million) in September 2020 from Lightrock (then referred to as LGT Lightstone Aspada).
Vineet Sukumar, founder and CEO, Vivriti Capital and Vivriti Asset Administration stated, “With this funding from TVS Capital, we’re bringing to our cap-table an especially aligned companion with experience and a long-term dedication in direction of the Indian fintech house. The Indian performing credit score house has displayed nice potential, particularly within the months following the pandemic. The newest spherical of funding will allow us to deepen our engagement with our shoppers in addition to spend money on expertise and product improvement.”
Run by the Vivriti Group, Vivriti Capital was based in June 2017 by Vineet Sukumar and Gaurav Kumar, each former executives at IFMR Capital, the NBFC arm of the Chennai-based IFMR Group. It additionally floated an asset administration platform in 2019 as Vivriti Asset Administration because the non-public funding agency of Vivriti Capital. During the last 5 years, Vivriti Capital has constructed a lending portfolio of ₹3,700 crore ($472 million) for over 300 shoppers throughout 26 states.
The platform stated it’s eyeing to turn out to be India’s largest mid-market lender and asset supervisor, from the present $700 million to $5 billion (round ₹5,300 crore to ₹38,000 crore) over the following 5 years.
Avendus Capital was Vivriti Capital’s unique monetary advisor for the fundraise.
Supply: Live Mint