Vivriti Capital Raises Additional $30 Mn From Tvs Capital

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Non-bank lender Vivriti Capital Pvt. Ltd has raised an additional $30 million (around ₹228 crore) from TVS Shriram Growth Fund 3 as part of its Series C round.

The Chennai-based company had raised $55 million in the first close of its Series C funding in March 2022, from existing investors Lightrock and Creation Investments.

The fresh proceeds will be deployed by the financial services platform to expand its business and technology footprints, hire new talents as well as step-up product supply and portfolio management.

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

In November last year, VCCircle had exclusively reported that the Vivriti Group firm was planning to raise $100 million (approximately ₹740 crore) from existing and new investors.

Vivriti Capital, which provides debt capital to small -and- mid-sized companies (SMEs) operating in India, last raised a Series B round in two tranches with $100 million in March 2020 and ₹100 crore ($13.6 million) in September 2020 from Lightrock (then called LGT Lightstone Aspada).

The lender will partially disburse the fresh money to its asset arm Vivriti Asset Management to ramp up its operations. On Wednesday, the asset management arm also marked the final close of its second debt fund at ₹350 crore (around $46 million).

Vivriti Capital, which provides debt capital to small -and- mid-sized companies (SMEs) operating in India, last raised a Series B round in two tranches with $100 million in March 2020 and ₹100 crore ($13.6 million) in September 2020 from Lightrock (then called LGT Lightstone Aspada).

Vineet Sukumar, founder and CEO, Vivriti Capital and Vivriti Asset Management said, “With this investment from TVS Capital, we are bringing to our cap-table an extremely aligned partner with expertise and a long-term commitment towards the Indian fintech space. 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.”

Run by the Vivriti Group, Vivriti Capital was founded in June 2017 by Vineet Sukumar and Gaurav Kumar, both former executives at IFMR Capital, the NBFC arm of the Chennai-based IFMR Group. It also floated an asset management platform in 2019 as Vivriti Asset Management as the private investment firm of Vivriti Capital. Over the last five years, Vivriti Capital has built a lending portfolio of ₹3,700 crore ($472 million) for over 300 clients across 26 states.

The platform said it is eyeing to become India’s largest mid-market lender and asset manager, from the current $700 million to $5 billion (around ₹5,300 crore to ₹38,000 crore) over the next five years.

Avendus Capital was Vivriti Capital’s exclusive financial advisor for the fundraise.

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