Veefin Group Raises Rs 136 Crore, Plans Additional Rs 155 Crore Fundraise by 2025
- ByStartupStory | December 19, 2024
Mumbai-based Veefin Group of Companies has successfully raised Rs 136 crore (approximately $16 million) in its latest funding round. The funds, sourced from capital market investors, will be utilized for product development, acquisitions, and global expansion initiatives, according to a statement by the company. Veefin also revealed plans to raise an additional Rs 155 crore (around $18 million) by January 2025.
The funding comes amid Veefin’s recent acquisition spree aimed at accelerating its business growth. The company disclosed that part of the funds would be directed toward scaling operations across its newly acquired ventures.
Veefin has made significant acquisitions to bolster its technology capabilities and expand its global footprint. Recently, the company acquired EpikIndifi, a banking-focused software solutions provider, in a cash and equity swap deal valued at Rs 125 crore. In June, Veefin added Regime Tax Solutions, a GST compliance and automation platform for accounts payable and receivable, to its portfolio.
In August, the company acquired a 100% stake in Nityo Tech, an IT services and solutions firm. The deal marks Veefin’s expansion into a business previously part of Nityo Infotech Singapore’s India investments. These acquisitions are expected to broaden Veefin’s client base across multiple geographies while enhancing its technological capabilities.
Veefin specializes in white-labelled supply chain finance and digital lending solutions. The company offers an end-to-end technology stack, ranging from customer onboarding and underwriting to transaction management and collections processes.
The platform processes annual disbursements of $30 billion and serves a diverse clientele, including private sector banks such as IndusInd Bank and Yes Bank, as well as 12 public sector banks.
Commenting on the latest developments, Veefin stated, “The funds raised will primarily be used to enhance our product offerings and support our ongoing global expansion. Additionally, a significant portion will drive faster business growth across the companies we have recently acquired.”
With the planned Rs 155 crore funding round and its aggressive acquisition strategy, Veefin aims to consolidate its position as a global leader in supply chain finance and digital lending solutions.
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