Non-bank lender Vivriti Capital Pvt. Ltd has raised an additional $30 million (around Rs 228 crore) from TVS Shriram Growth Fund 3 as part of its Series C round.
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 for ramping up operations. On Wednesday, the asset management arm also marked the final close of its second debt fund at Rs 350 crore (around $46 million).
In November last year, VCCircle had exclusively reported that Vivriti Capital was planning to raise $100 million (approximately Rs 740 crore) from existing and new investors. The Chennai-based company had already raised $55 million in the first close of Series C funding in March 2022, from existing investors Lightrock and Creation Investments.
Vivriti Capital, which provides debt capital to small and mid-sized companies (SMEs), raised a little over $113 million in its Series B round in 2 tranches - $100 million (around Rs 775 crore) in the March 2020 and then $13.6 million (around Rs 100 crore) in September 2020 – from Lightrock.
Vineet Sukumar, founder and CEO, Vivriti Capital and Vivriti Asset Management said, “With this investment from TVS Capital, we are bringing to our cap-table an aligned partner with expertise and a long-term commitment towards the Indian fintech space. The Indian performing credit space has displayed great potential, especially during the pandemic. The latest round of funding will enable us to deepen our engagement with our clients as well as invest in technology and product development.”
Run by the Vivriti Group, Vivriti Capital was founded in June 2017 by Sukumar and Gaurav Kumar, former executives at IFMR Capital. It also floated an asset management platform in 2019 as a 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-$5 billion (approximately from Rs 5,300 crore to Rs 38,000 crore) over the next five years.
Avendus Capital was the Vivriti Capital’s exclusive financial adviser for the fund raising.
