Veritas Finance Private Limited has secured Rs 1,050 crore from Numerous Private Equity and its co-investors, which include the International Finance Corporation (IFC), in order to increase access to financing for India’s micro, small, and medium-sized enterprises, According to a press release.
Read also – [Funding alert] Singer Lucky Ali invests in Digital Content Startup Knocksense
The investment includes a Rs 400 crore primary issuance and offers British International Investment (BII) and Lok Capital, two early investors, a partial exit. A 150 crore investment was made in the investment by the Avendus Future Leaders Fund, as per reported by The Economic Times.
“The fresh capital raised will provide a significant runway for growth, help deepen our existing offerings and expand into the affordable housing space,” said D. Arulmany, MD & CEO of Veritas.
Read also – [Funding alert] ZuAI Announces a INR 4 crore Fundraise Led by Prime Venture Partners
“Veritas’ in-depth understanding of micro-SME businesses across different geographies combined with strong frameworks has enabled it to build a large, diversified franchise,” said Nithya Easwaran, Managing Director, Multiples Alternate Asset Management.
“Veritas, with its focus on easy credit for the massively underserved MSME segment coupled with its vast network of 285 branches across India is set to occupy a leadership position in the MSME-NBFC sector,” said Ritesh Chandra, Managing Partner, Avendus Future Leaders Fund.
Read also – [Funding alert] Jewellery Brand Giva Raises Rs 200 Cr In Series B Round
“We are privileged to be associated with India’s leading MSME lender. This partnership will further strengthen the Company’s position in the space as it continues to scale new heights in lending to the bottom of the pyramid,” Anshul Agarwal, Managing Director and Co-head, Consumer, Financial Institutions Group & Business Services Investment Banking, Avendus Capital.
About Veritas Finance Private Limited
Veritas Finance Private Limited was founded in 2015 with the main goal of reaching out to clients who either lack access to or have insufficient access to, financial services in the unregulated market. Veritas is dedicated to having a real influence on consumers involved in illegal activities by providing them with fair access to financial services.
Read also – [Funding alert] Cavli Wireless Raises $10 Million In Series A Round
