India-based Vivriti Capital, an online debt platform, has reportedly secured INR 3.5 billion (appr. $50 million) in funding through a Series B investment round from LGT Lightstone Aspada.
Vivriti’s latest round has come only around 10 months after the firm’s Series A round from US-headquartered Creation Investments. Vivriti has now raised a total of $100 million.
Avendus Capital served as the firm’s financial advisor on this recent deal.
The Chennai-headquartered firm, which also operates an online marketplace, called CredAvenue, for small businesses and corporations, had noted last year that it was planning to raise around INR 4 billion (appr. $54 million) from various private equity funds by March of this year.
Established in 2017 by Gaurav Kumar and Vineet Sukumar, Vivriti aims to help debt issuers find suitable investors, provides credit underwriting services, automated execution workflows, analytical models, and structuring solutions.
The capital raised will be used to upgrade the firm’s technology stack and update its analytical tools which are used to power its online marketplace.
Vivriti currently has around 2000 users. Since its launch, CredAvenue has reportedly facilitated around INR 250 billion worth of deal flows. Large banks, non-banking financial institutions (NBFCs), small finance banks, mutual funds, development financial institutions, and family offices are using Vivriti’s platform.
The company’s founders noted:
“We are very pleased to bring Lightstone Aspada on board as an investor at this key phase of our journey. We have also achieved tremendous growth in the last 12 months, as we scaled across debt products and the business volumes crossed INR 250 billion in overall debt flow. ”
LGT Lightstone Aspada is the India-based division of LGT Lightstone, a multinational impact investment company that invests in firms that aim to develop scalable businesses that can make positive contributions to society.
Kartik Srivatsa, managing partner at LGT Lightstone Aspada, remarked:
“Over the last few years, we have tracked their progress keenly …We believe that the combination of their tech platform and strong product development capabilities bring much-needed innovation in the space towards expanding the supply of ‘rightly priced’ debt to high impact businesses.”