Vivriti Capital, a tech-enabled credit investment platform in India serving institutional and retail markets, announced the close of a $55 million Series C round. Creation Investments Capital Management, a global alternative asset manager and impact manager in emerging markets, participated, along with London-based Lightrock India, a global private equity platform investing in sustainable businesses. Vivriti Capital has now raised $165 million.
Vivriti Capital previously secured funding from Creation and Lightrock in its series A and B rounds based in Chennai. Creation remains the majority shareholder.
The company plans to use the funds for business expansion and technology for acquisitions, product delivery and portfolio management. Part of the funds will go to its subsidiary, Vivriti Asset Management, to build a global asset management platform focused on performing credits.
Vivriti Capital said it aims to become the largest technology-enabled mid-market debt lender in India, and hopes to expand its client asset base to more than $5 billion over the next five years from $700 million now.
“Vivriti has ambitious growth plans, which is a crucial step in its journey. We have been impressed with the team’s ability to channel capital to segments underserved by the prevailing financial system in India,” said Tyler Day, Dallas-based partner and head of the Asia region for Creation Investments.
“Today’s funding milestone underscores the confidence our investors have in us. We are thrilled to conclude a raise in a most challenging macro environment with the support of Creation and Lightrock. We’ve experienced phenomenal growth and considerable scale across debt products. The equity capital will give us sufficient firepower to scale across domestic and international markets,” said Vineet Sukumar, founder and CEO of Vivriti Capital and Vivriti Asset Management.
Over the past five years, Vivriti Capital has registered more than 300 clients across 30-plus sectors and 26 states. They focus on investments in technology, underwriting and distribution.