Non-bank lender Vivriti Capital Pvt. Ltd has announced $55 million (around Rs 400 crore) capital raising from its existing investors for its Series C round.
The fundraise was led by Lightrock India and Chicago-based Creation Investments, which took the Chennai-based firm’s total fundraise to $165 million (around Rs 1,254 crore), since its inception.
In November last year, VCCircle had exclusively reported that the Vivriti Group firm was planning to raise $100 million (approximately Rs 740 crore) from existing and new investors.
Lightrock and Creation had backed Vivriti in its Series A and B rounds.
Vivriti Capital, which provides debt capital to small -and- mid-sized companies (SMEs) operating in India, last raised Series B round in two tranches with $100 million in March 2020 and Rs 100 crore ($13.6 million) in September 2020 from Lightrock (then called LGT Lightstone Aspada).
The fresh proceeds will be deployed by the financial services platform to expand its business and technology footprints, hire new talents as well as step up product supply and portfolio management.
The lender will partially disburse the fresh money to its asset arm Vivriti Asset Management to ramp up its operations. On Wednesday, the asset management arm also marked the final close of its second debt fund at Rs 350 crore (around $46 million).
Vivriti Capital, which provides debt capital to small -and- mid-sized companies (SMEs) operating in India, last raised Series B round in two tranches with $100 million in March 2020 and Rs 100 crore ($13.6 million) in September 2020 from Lightrock (then called LGT Lightstone Aspada).
Run by the Vivriti Group, Vivriti Capital was founded in June 2017 by Vineet Sukumar and Gaurav Kumar, both former executives at IFMR Capital, the NBFC arm of the Chennai-based IFMR Group. It also floated an asset management platform in 2019 as Vivriti Asset Management as the private investment firm of Vivriti Capital.
Over the last five years, Vivriti Capital has built a lending portfolio of Rs 3,700 crore ($472 million) for over 300 clients across 26 states.
The platform said it is eyeing to become India’s largest mid-market lender and asset manager, from the current $700 million to $5 billion (approx. from Rs 5,300 crore to Rs 38,000 crore) over the next five years.
“We are extremely thrilled to conclude a raise with the support of Lightrock and Creation Investments. The equity capital will give us sufficient firepower to scale across domestic and international markets”, said Vineet Sukumar, Founder and CEO, Vivriti Capital and Vivriti Asset Management.
Avendus Capital was the Vivriti Capital’s exclusive financial advisor for the fundraise.
“Over the last couple of years, Vivriti has emerged as high 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,” said Kartik Srivatsa, Managing Partner at Lightrock India.
