Vivriti Capital Pvt. Ltd, which runs an online enterprise debt platform and lender, has raised $50 million (about Rs 350 crores) in its Series B funding from LGT Lightstone Aspada.
The latest transaction takes the total funding raised by Vivriti to $100 million, the company said in a statement.
The Chennai-based company previously raised Series A from US-based Creation Investments in March last year.
Vivriti founders Gaurav Kumar and Vineet Sukumar said the funds will be used for ramping up the technology and analytical engine powering the online marketplace and to shore up the balance sheet lending of the company.
"We are very pleased to bring Lightstone Aspada on board as an investor at this key phase of our journey. We have also achieved tremendous growth in the last 12 months and have seen significant scale across debt products and the business volumes crossed Rs 25,000 crore in overall debt flow," founders added.
Avendus Capital was the sole financial advisor in this deal.
Founded by Kumar and Sukumar in 2017, Vivriti owns the proprietary enterprise debt deal and value discovery online platform-CredAvenue. The tech-enabled platform connects debt issuers and investors, offers credit underwriting, analytical models, structuring solutions and automated execution workflows.
The company said the platform today counts over 2,000 users with major banks, NBFCs, SFBs, mutual fund houses, DFIs and family offices constitute the key participants on the platform. The platform currently has over 250 issuers and 120+ investors.
Vivriti Capital is a registered non-deposit taking NBFC and directly lends from its balance sheet. Besides, the company also has an alternative investment fund (AIF).
This is LGT Lightstone Aspada's third investment this month and is among the largest investments made by the firm.
Kartik Srivatsa, managing partner of LGT Lightstone Aspada, said the firm is happy to back the team at Vivriti in helping build India’s largest debt platform.
"Over the last few years, we have tracked their progress keenly and have been impressed by the quality of execution. We believe that the combination of their tech platform and strong product development capabilities bring much-needed innovation in the space towards expanding the supply of ‘rightly priced’ debt to high impact businesses," he added.
The firm typically invests in the range of $3-5 million at the lower end and $30 million at the top end, Aspada’s Thomas Hyland said in his previous interaction to VCCircle following the acquisition of the fund by Swiss investor LGT.
It previously backed SmartCoin Financials Pvt. Ltd and Arya Collateral Warehousing Services Pvt. Ltd.