Financial services startup Vivriti Capital, which runs an online marketplace for mid-market corporates to raise debt, said on March 18 it has raised Rs 350 crore (about $50 million) in a Series-B equity funding round from Swiss investor LGT, via its impact investment from Lightstone Aspada.
Founded in 2017 by Gaurav Kumar and Vineet Sukumar, Vivriti lends from its own balance sheet as well as via its marketplace-, where large-cap investors such as State Bank of India, ICICI Bank and Templeton Mutual Fund lend to mid-market corporates. It lends from its own balance sheet as a part of these transactions to showcase its deep involvement in the business.
Avendus Capital was the banker to the deal.
Vivriti had earlier raised Rs 300 crore from Creation Investments, a US-based impact investment firm.
Vivriti had crossed Rs 25,000 crore in disbursals, and has lent about Rs 1,500 crore from its own balance sheet currently, co-founder and CEO Vineet Sukumar had told Mint in a phone nterview.
"LGT gives us the opportunity to grow rapidly. They also reduce risk for us because they are very deep pocketed investors who can even finance the next two rounds," Sukumar added.
Vivriti also has commitments of Rs 150 crore for its fund so far. Both the fund and the marketplace business seem less affected by the novel coronavirus disease, which has hampered business globally and brought travel, dealmaking and certain sectors to a grinding halt.
"We will re examine the balance sheet and be more cautious for the next two quarters to lend from our book. We are watchful because while discretionary spending is falling, spend on staples is rising for the short term," said Sukumar.
Incoming investor LGT Aspada has emerged as an active investor in the growth stages of Indian startups in the last few months. Swiss investor LGT, a bank and fund manager with $201 billion of assets under management, acquired Lightstone Aspada from the Soros Economic Development Fund in May 2019.
Following the acquisition, Vivriti is LGT Aspada's fifth deal in the last few months. Other investments which have closed or are closing currently include scooter rental firm Vogo, lending startup SmartCoin, student housing startup Oxfordcaps and logistics firm Porter.