Vivriti Capital raises $30 million from TVS Capital in its Series C closure leading to $200 mn total funding
- ByStartupStory | May 13, 2022
Vivriti Capital, a fintech startup has raised an extra $30 million in its Series C funding round from the TVS Shriram Growth Fund 3 which is a private equity fund managed by TVS Capital. The fresh capital will be utilised to expand the technology as well as the business with product acquisition, product delivery and portfolio management. This Chennai-based startup already has raised $55 million in the first close of its Series C funding in March 2022 in which its existing members like Lightrock and Creation Investments also participated.
The startup has so far raised about $200 million in total funding since 2017. The funds will be distributed between Vivriti Capital and its subsidiary Vivriti Asset Management which handles closed-ended debt funds invested in mid-sized corporations. These two have established leadership positions with $700 million in AuM with commitments and debt lines from the Top 10 Indian banks along with leading international debt investors. Vivriti Asset Management has so far raised commitments of over Rs 2,000 cross across its funds and offers tailored debts of Rs 25-75 crore to growing and mid-sized companies for a time period of 2-4 years.
Vineet Sukumar, the founder and CEO of Vivriti Capital and Vivriti Asset Management said that the Indian performing credit sector has displayed great potential, especially during the pandemic months. The funds raised in the recent round will be used to increase the engagement with the clients with further product and technology development.
This Chennai-based startup is planning to become the country’s largest technology-enabled mid-market debt lender having assets of more than $5 billion over the next four to five years. The fintech startup also claims to be a combination of high quality and diversified balance sheets. Prior to this funding round, Vriti Capital raised Rs 100 crore funding from its current investor Creation Investment in September 2020. The round also saw the participation of Sachin Bansal’s NAVI Finserv, IFK Finance, Meesho’s Vidit Aatrey, CredAvenue and Sanjeev Kumar among others.
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