Chennai, India-based Vivriti Capital, secured USD 55 million (INR 400 crore) in Series C funding on March 27, 2022. Registered with the Reserve Bank of India (RBI), Vivriti Capital is an NBFC. The funding saw participation from existing investors Lightrock India and Creation Investments.
The existing investors also participated in the previous Series A and Series B funding rounds for the startup.
Avendus Capital was the exclusive financial advisor for Vivriti Capital concerning this transaction.
Purpose of Funding for Vivriti Capital
The latest round of funding will aid in developing a financial services platform. Vivriti Capital will enhance its technological footprint. They will also focus on product delivery and portfolio management.
In addition, the fresh capital will help with the business expansion and acquisitions across various geographies. Vivriti Asset Management (a subsidiary of Vivriti Capital) will use the funds to build a global asset management platform focused on performing credits.
Previously, the company raised the 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).
What the founder of Vivriti Capital has to say
“We are extremely thrilled to conclude a raise in a most challenging macro environment with the support of Lightrock and Creation Investments. Throughout the pandemic, we have experienced phenomenal growth and considerable scale across debt products. The equity capital will give us sufficient firepower to scale across domestic and international markets,” said Vineet Sukumar, founder and CEO of Vivriti Capital and Vivriti Asset Management.
He further said, “We see a huge opportunity in the mid-sized market, and there is a huge gap in terms of financial requirements of mid-sized firms and the availability of resources.”
What the investors have to say
“Over the last couple of years, Vivriti has emerged as a high-scalable yet extraordinarily safe pair of hands for 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, Lightrock India.
“Vivriti has ambitious growth plans, and this is a crucial step in its journey. We have been impressed with the team’s ability to channel capital to segments underserved by the prevailing financial system in India,” said Tyler Day, Partner, Creation Investments, in a statement.
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