Vivriti Capital, a mid-market lender has raised an additional $30 million in its Series C funding round from TVS Shriram Growth Fund 3, a homegrown private equity fund managed by TVS Capital.
In March 2022, it had raised $55 million in the first close of its series C funding round led by existing investors Lightrock and Creation Investments.
The funds raised will be allocated between Vivritti Capital and its subsidiary Vivritti Asset Management, which manages closed-ended debt funds investing in medium-sized corporates.
The startup plans to use the funds to fulfill the company’s larger mission of bringing global and domestic investors into medium-sized enterprises, particularly as capital for business expansion in the global market as well as a tech for customer acquisition, product delivery, and portfolio management.
The Chennai-based Vivriti Capital was founded in 2017 by Aniket Deshpande, Gaurav Kumar, Irfan Mohammed, Soumendra Ghosh, and Vineet Sukumar, It focuses on medium-sized companies- a borrower segment that is not widely used by NBFCs.
“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. We have been profitable since the first year of inception, and our delinquency rates are less than 0.3%”, Said, Vineet Sukumar, founder and CEO, Vivriti Capital and Vivriti Asset Management.
Vivriti Capital and Vivriti Asset Management have approximately $700 million in assets under management (AUM), and commitments and lines of credit from more than 300 debt investors, both global and domestic.
The company has a team of over 160 – of whom over half, across all operations, are in Chennai.
Avendus Capital was the financial advisor to Vivriti Capital during this round.
“Corporate credit in India is underpenetrated, with borrowings at <60% of GDP, well short of global benchmarks. The Indian debt markets are poised to deepen, driven by 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”, said, Gopal Srinivasan, CMD, TVS Capital.
About Vivriti Capital
Vivriti Capital is India’s first tech-enabled marketplace that brings together capital markets investors with institutions, small enterprises, and individuals. It started with a mission to offer efficient and customized financial solutions to individuals, enterprises, and institutions.
The founding team comes with a collective experience of more than five decades in lending, investment banking, structured finance, and asset management, and are passionate about innovation and the use of technology in the dissemination of financial services in India. The team has previously collectively assessed more than 500 retail lending organisations in India and abroad, developed underwriting frameworks for various types of retail lending in India and used capital markets to deepen financial inclusion in India.