Chennai, March 28
Vivriti Capital, a Chennai-based non-bank finance company, raised $55m (approximately ₹400 crore) in Series C funding. The latest round of funding was done by global private equity platform Lightrock India and Creation Investments, a leading global impact investment management company. Both are existing investors in the company.
Vivriti Capital has accumulated $165 million since its inception. Current funding will be used for business expansion as well as technology for customer acquisition, product delivery and portfolio management. Part of the funds will go to its subsidiary, Vivriti Asset Management, to build the world’s first asset management platform focused on performing credits, the company said in a statement.
“We are extremely excited to complete a raise in a most challenging macro environment with the support of Lightrock and Creation Investments. The social capital will give us enough firepower to scale in domestic and international markets,” said Vineet Sukumar, founder and CEO of Vivriti Capital and Vivriti Asset Management, quoted in the press release.
Vivriti Capital said it is on track to become India’s largest mid-market tech debt lender with assets of over $5 billion over the next four to five years.
Kartik Srivatsa, Managing Partner of Lightrock India, said: “Over the past two years, Vivriti has emerged as a highly scalable yet extraordinarily secure pair of hands for global investors and Indian financial institutions to invest in fairly priced debt. high impact. businesses. We are extremely excited to lead this round to continue their journey in transforming corporate finance for SMEs in India. »
“Vivriti has ambitious growth plans, and this is a crucial step in its journey. We were impressed with the team’s ability to channel capital to segments that are underserved by the prevailing financial system in India,” said Tyler Day, Partner, Creation Investments, in the release.
Avendus Capital acted as exclusive financial advisor to Vivriti Capital in connection with this transaction.
March 28, 2022