Vivifi Secures $75 Million in Funding Through Debt and Equity
- ByStartupStory | January 24, 2024
Fintech NBFC Vivifi Finance has successfully secured $74 million in a funding round comprising debt and equity, with a substantial contribution from an undisclosed major US-based investor.
The Hyderabad-based company has ambitious plans for the capital infusion, intending to significantly grow its workforce from the existing 800 employees to over 2,000 within the next 12-18 months. Additionally, Vivifi aims to establish offices in tier II and tier III cities, focusing particularly on regions like Telangana and Andhra Pradesh.
The identity of the investor remains confidential, but Vivifi emphasizes that the deal is a strategic alliance with a key player possessing a substantial portfolio in specialty and alternative finance within the US market.
Anil Pinapala, the Founder of Vivifi, expressed optimism about the company’s trajectory, stating, “With this funding, we are barreling towards achieving new heights and are hopeful of expanding our customer base to a million users in the next 12-18 months.”
Established in 2016, Vivifi operates as a Non-Banking Financial Company (NBFC) dedicated to providing credit access to underserved communities in India through small loans.
In the past year, the company boasts disbursing Rs 1,000 crore to over five lakh customers and aims to scale its loan disbursements to Rs 3,000 crore this year. The financial performance for FY23 indicates a revenue of Rs 166 crore and a profit after tax of Rs 16 crore. Vivifi is optimistic about doubling its revenue in the current fiscal year.
The infusion of funds not only strengthens Vivifi’s position in the market but also aligns with its broader vision of financial inclusion by extending credit services to a broader segment of the population. The strategic expansion into tier II and tier III cities underscores the company’s commitment to reaching underserved regions and making a substantial impact on financial accessibility in India.
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