Chennai, India-based fast-growing mid-market lender Vivriti Capital raised an additional amount of USD 30 million on May 11, 2022. The funding was a part of its Series C round. TVS Capital Funds led the financing for Vivriti Capital via its TVS Shriram Growth Fund 3. Meanwhile, Avendus Capital served as the exclusive financial advisor to Vivriti Capital on this transaction.
In March 2022, the NBFC platform announced the first close of the Series C round at USD 55 million. Lightrock and Creation Investments led the funding back then.
Purpose of Funding for Vivriti Capital
With the fresh proceeds, the company wants to focus on the mid-market debt space bringing global and domestic investors to mid-sized enterprises at scale. Viviriti Capital will look for business expansion, as well as technology for customer acquisition, product delivery and portfolio management.
The funds will be allocated between Vivriti Capital and its subsidiary Vivriti Asset Management. Its subsidiary manages closed-ended debt funds investing in mid-sized corporations.
Vivriti Capital targets USD 5 billion in assets under management over the next four to five years, up from the current USD 700 million. The company plans to accomplish this target via its balance sheet and that of its subsidiary, i.e. Vivriti Asset Management.
So far, the total amount raised by the startup from external investors stands at USD 195 million.
What the founder has to say
Vineet Sukumar, Founder & CEO of Vivriti Capital and Vivriti Asset Management, said, “With this investment from TVS Capital, we are bringing to our cap-table an extremely aligned partner with expertise and a long-term commitment towards the Indian fintech space. The Indian performing credit space has displayed great potential, especially in the months following 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.”
What the investor has to say
Gopal Srinivasan, Chairman & Managing Director of TVS Capital, said, “Corporate credit in India is underpenetrated, with borrowings at <60% of GDP, short of global benchmarks. The Indian debt markets are poised to deepen, driven by the growth of credit to the financially under-served segments, where Vivriti has thrived in terms of growing its loan book while maintaining the best-in-class asset quality.”
About the company
Vineet Sukumar set up Vivriti Capital and Vivriti Asset Management in June 2017. Vivriti Capital focuses on mid-sized companies and provides financial services, investment banking, and advisory services to its customers. Together they have around USD 700 million in Asset Under Management (AUM) and commitments and debt lines from more than 300 debt investors, both global as well as domestic. It has a team of over 160 members.
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