Vivriti Capital Raises $55 Million In Series C Funding Led By Lightrock India And Creation Investments

Funds will be utilized to expand the business as well as technology, for acquisitions, product delivery and portfolio management

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Vivriti Capital, on Monday announced to have raised $55 million in its Series C funding led by Lightrock India and Creation Investments. With this latest round of funding, Vivriti Capital has cumulatively raised $165 million since inception. Funds will be utilized to expand the business as well as technology, for acquisitions, product delivery and portfolio management. Part of the funds will go to its subsidiary, Vivriti Asset Management, to build the leading global asset management platform focused on performing credits. Avendus Capital was the exclusive financial advisor to Vivriti Capital on this transaction.

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"Today's funding milestone underscores the confidence our investors have in us. Throughout the pandemic, 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 & CEO, Vivriti Capital and Vivriti Asset Management.

The fintech sector is on an unprecedented rise in the country. In 2019, India's fintech market was valued at INR1.9 billion. By 2025, it is expected to grow into INR6.2 billion market according toa report by Assocham.

"Over the last couple of years, Vivriti has emerged as high scalable yet extraordinarily safe pair of hands for both global investors and Indian financial institutions to invest in fair-price debt in high-impact companies," said Kartik Srivatsa, managing partner, Lightrock India.

The Chennai-headquartered entity has previously secured funding from both Lightrock India and Creation in its Series A and B rounds. Vivriti Capital is on track to become the largest technology-enabled mid-market debt lender in India with assets of more than $5 billion over the next four to five years, according to statement by the company. Vivriti Capital plans to achieve the target using a combination of a high quality and diversified balance sheet at Vivriti capital and a pioneering managed book through Vivriti Asset Management. Both of these entities have already established leadership positions with $700 million in assets under management and commitments and debt lines from top ten banks in India as well as leading international debt investors.