NBFC Veritas Finance raises Rs 440 crore in Series F round

CHENNAI: Chennai-based MSME loan provider Veritas Finance Pvt Ltd has raised Rs 440 crore of primary investment through a

Series F round

led by new and existing investors.

Its MD & CEO D Arulmany has said the current capital will place the organization strongly to build a loan book of Rs 4,000 crore in the next 12 months, from the existing loan book of Rs 1,750 crore.

This new round of fundraising is led by existing investors Norwest Venture Partners, Kedaara Capital and Caspian and other new investors such as Evolvence India,

Growth Catalyst Partners LLC

.
Arulmany said the company has handled the Covid-19 crisis which hit the MSME segment well and is today well positioned to scale up the volumes significantly. The current capital raise will be used to penetrate deeper and expand to new geographies to pursue high growth, and insulate from any further shock waves or disturbances.

The informal micro enterprises of the MSME segment in the rural areas which are the core focus segment of the organization have shown tremendous resilience during

Covid

and have demonstrated excellent repayment culture, despite enormous challenges during the last fifteen months, he added.

Veritas Finance has presence in eight states and one union territory currently.