Vivriti Capital, a lender to mid-market enterprises, has raised $55 million in its Series C funding round, taking its total amount of funds raised to $165 million, the company said on March 28.
Existing investors Lightrock India and Creation Investments led the round, after having participated in the Series A and B rounds. Besides lending in partnerships with banks and global debt investors, Vivriti Capital provides investment banking and advisory services to its clients.
The firm said that the valuation has increased three times.
Vineet Sukumar, co-founder and CEO of Vivriti Capital and Vivriti Asset Management, said, "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."
The company was co-founded by Sukumar and Gaurav Kumar in 2019. The duo also co-founded unicorn debt marketplace CredAvenue which is led by Kumar, while Vivriti Capital is headed by Sukumar. Both the founders continue to be on the boards of CredAvenue and Vivriti Capital.
Vivriti Capital has a target of $5 billion assets under management over the next four to five years, up from the current $700 million. The company plans to achieve this through its balance sheet and that of its Vivriti Asset Management.The firm has over 300 clients across 26 states and claims to have a 90 percent client retention. Vivriti Asset Management provides debt in the range of Rs 25 to 75 crore to emerging and mid-sized operating companies for a tenor of 2-4 years.
Avendus Capital was the exclusive financial advisor to Vivriti Capital on this transaction.