Chennai-based non-banking finance company Veritas Finance has raised INR 200 crores in Series D funding from Norwest Venture Partners. Other existing investors also participated in the funding round.
The company provides loans to small businesses across seven states in the country. Earlier CDC Group, UK’s development finance institution and Surendra Pai, angel investor and former executive chairman of the Murugappa Group has invested in the Veritas Finance.
D Arulmany, CEO, Veritas says “Apart from current markets, with the current round of funding we are also looking at expanding into new geographies and strengthening our technology such that we have higher productivity and can bring down the cost of servicing micro-businesses.”
The three-year-old company will utilize the fresh capital to increase its credit reach and lending capabilities across existing markets. Currently, the NBFC firm has a loan book of INR 530 crores which it expects to grow to over INR 800 crores in the upcoming month and up to INR 1,500 crores in the next financial year.