Digital lending platform Vivriti bags $50m in series B money

Chennai-based Vivriti Capital has banked US$50 million in series B money from impact investing platform LGT Lightstone Aspada, pushing its total equity raised to US$100 million.

Photo credit: Vivriti

The latest round comes less than 10 months since the company secured series A funding from US-based Creation Investments, according to a statement from Avendus Capital, Vivriti’s adviser for the round.

Established in 2017, the fintech startup operates a platform called CredAvenue that connects debt issuers and investors to institutions, small enterprises, and individuals. It offers credit underwriting solutions and analytical models, among others, to make the Indian debt capital markets more inclusive and efficient.

According to Vivriti co-founders Gaurav Kumar and Vineet Sukumar, the company has facilitated deal flows of over US$3.3 billion since its inception.

It now looks to use the new funds to “ramp up the technology and the analytical engine powering the online marketplace and to shore up the balance sheet lending of the company,” the co-founders said.

To date, Vivriti claims to have around 2,000 users, over 250 issuers, and more than 120 investors on its platform. Key participants on the platform include major banks, nonbanking financial companies, mutual fund houses, development banks, and family offices.

LGT Lightstone Aspada is the India-focused arm of global impact investment firm LGT Lightstone, providing early-stage risk capital to companies based in the country.

The private equity and VC firm recently backed microlending startup Smartcoin, leading its US$7 million series A raise. In contrast to Vivriti, Smartcoin focuses on providing small-ticket personal loans to micro merchants, self-employed, and salaried individuals in India.