India: Vivriti closes Series C round with fresh $30m infusion from TVS Capital

Photo by Josh Appel on Unsplash

India’s Vivriti Capital Pvt Ltd, an RBI registered non-banking financial company (NBFC), Thursday announced that it has closed its Series C funding round after raising an additional $30 million from TVS Shriram Growth Fund 3, a homegrown private equity fund managed by TVS Capital.

This March, the Chennai-based lender had raised $55 million (about Rs 400 crore) from global private equity firm Lightrock India and impact investor Creation Investments, marking the first close of its Series C round.

The fresh funds will be allocated between Vivriti Capital and its subsidiary Vivriti Asset Management, which manages closed-ended debt funds investing in mid-sized corporates, the company said in a statement.

The purpose of the equity raise is to focus on the vast opportunity in the mid-market debt space. The funds will be utilised for business expansion as well as technology for customer acquisition, product delivery and portfolio management, the statement added.

“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,” said Vineet Sukumar, founder & CEO, Vivriti Capital and Vivriti Asset Management.

Vivriti Capital and Vivriti Asset Management together manage assets worth $700 million. Founded in 2017, the Vivriti Group is aiming to become the largest technology-enabled mid-market debt lender in India with assets of more than $5 billion over the next four to five years.

“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, chairman & managing director, TVS Capital.

Avendus Capital was the exclusive financial advisor to Vivriti Capital on this transaction.

 

 

 

 

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