Chennai-based non-banking financial company (NBFC) Vivriti Capital has raised ₹200 crores in series A round of funding from Creation Investments, an investment management firm focused on financial services. The NBFC firm provides loans for corporate entities through its technology-enabled platform.
Founded in 2017 by Gaurav Kumar and Vineet Sukumar, the startup secured an NBFC licence from Reserve Bank of India in January 2018. RBI has introduced final guidelines for peer to peer lending companies in October 2017. The guidelines put P2P lending firms under NBFC regulations under the purview of RBI.
Vivriti Capital will use the freshly raised funds to scale up its loan book and provide more capital to corporates. Furthermore, the startup will strengthen its technology by improving its analytics, and introduce workflow automation, credit scoring systems, portfolio monitoring mechanism. Vivriti will also expand the current product offerings. The firm plans to raise more capital in future.
Gaurav Kumar, Founder, Vivriti Capital said, “The current capital raise will be used for lending, as well as investment in our technology platform. We have seen unprecedented support from clients and investors on our platform, which has resulted in achieving such a scale. Given this scale, we will be soon raising more capital.”
Viviriti Capital has provided loans to more than 150 corporate clients across 12 major sectors. The company has already closed marquee deals and arranged the first securitisation transaction for students’ loan. It also holds the credit for the largest bond issuance for affordable housing segment in India.
The fintech sector, especially the lending space becomes competitive day by day in India. With players like Lendingkart, Capital Float and OfBusiness already disrupting the space, the sector is witnessing the entrance of new competitors like Paytm and Mobikwik. If you need to know more about the P2P lending startups, we have compiled a list of top peer to peer lending companies in India.
SME lending firm OfBusiness raised ₹200 crores from Creation Investments, Falcon Edge, Matrix Partners and Zodius Capital. Earlier in July this year, Lendingkart secured ₹300 crores in debt capital from Aditya Birla Sun Life AMC. Capital Float also bagged ₹154 crores from Amazon.