Veritas Finance raises ₹200 crore in series D led by Norwest Venture Partners

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Chennai-based non-banking finance company (NBFC) Veritas Finance has raised ₹200 crore in a series D funding round. The round was led by Silicon Valley-based multi-stage investment firm Norwest Venture Partners.

Other existing investors that participated in the round include CDC Group Plc and UK’s Development Finance Institution, and anchor investor P. Surendra Pai, former executive chairman of Murugappa Group.

Avendus Capital acted as the sole financial advisor to Veritas Finance for the transaction.

The fresh funds will be used to boost presence across existing markets, to help augment the capital required by MSMEs for business expansion and for asset creation. A part of the funds will also be used towards strengthening the technology, in order to enhance productivity.

Veritas Finance was founded by Arulmany Duraisamy in 2015. The NBFC enables the underserved micro, small, and medium enterprises (MSMEs) in the country by providing them access to easy credit, in order to meet their working capital and business credit requirements.

The company has a loan book of ₹500 crore, serving more than 21,000 small businesses across the country through a network of 132 branches.

Talking about the investment, Sumer Juneja, Director at Norwest Venture Partners, said, “Veritas Finance is uniquely positioned to drive growth and provide financial services to micro, small and medium enterprises in India. We look forward to working with the Veritas Finance team to further enhance their footprint, services and technology by bringing more value to customers.”

Earlier in April 2018, Veritas Finance raised ₹55 crore in debt funding from Incofin Investment Management and BlueOrchard Finance. According to Crunchbase, Veritas has raised more than $65 million, across all funding rounds.

Other fintech players focused on SME lending in India are, OfBusiness, Capital Float, FlexiLoans, and Faircent, among many others.

Recently, NBFC Ess Kay Fincorp raised ₹310 crore in a round led by TPG Growth, along with participation from Norwest Venture Partners and Evolvence India.

Check out the list of top 10 fintech startups focused on SME lending in India.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Long-term asbestos exposure can trigger lung cancer: Experts

By Bharat UpadhyayNew Delhi, Oct 20 (IANS) After the US health regulators found traces of asbestos in samples from...

All set for Monday Assembly bypolls in Tamil Nadu

Chennai, Oct 20 (IANS) The electoral fate of 35 candidates in two Assembly constituencies -- Vikravandi and Nanguneri -- in Tamil Nadu will be...

Protesters block roads in HK to attend banned march

Hong Kong, Oct 20 (IANS) Thousands of protesters have blocked roads in Hong Kong to attend an anti-government march banned by police out of...

Ranchi Test: Rohit on brink of maiden double ton, India reach 357/4 (Lunch)

Ranchi, Oct 20 (IANS) Ajinkya Rahane notched up a hundred while Rohit Sharma stood on the brink of his maiden Test double ton as...

Why Stephen Alter calls Himalayas home

By Siddhi JainNainital, Oct 20 (IANSlife) The early winter air ran crisp in Nainital, and...
- Advertisement -

More Articles Like This