Non-banking finance company Vivriti Capital has raised an additional USD 30 million funds from TVS Shriram Growth Fund 3, managed by TVS Capital, the company said on Thursday.
The fresh round of fund raise was in addition to the USD 55 million already raised by Vivriti Capital in the first close of its Series 3 funding in March 2022 from existing investors — Lightrock and Creation Investments. According to the city-headquartered company, the funds would be allocated between Vivriti Capital and its subsidiary Vivriti Asset Management, which manages closed-ended debt funds investing in mid-sized corporates.
The purpose of the equity raise is to focus on the vast opportunity in the mid-market debt space and the funds would be utilised for business expansion as well as technology for customer acquisition, product delivery and portfolio management, a company statement said here. “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,” Vivriti Capital and Vivriti Asset Management, founder-CEO Vineet Sukumar said.
Avendus Capital was the financial advisor to Vivriti Capital on this transaction, the company said. TVS Capital Chairman and Managing Director Gopal Srinivasan said, “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”. “We are delighted to partner with Vineet and Vivriti in their journey to becoming the preferred lender to mid-sized enterprises in India in the years to come”, he said.