Veritas raises Rs 350crin series E

Chennai: Private lender Veritas Finance, has raised Rs 350 crore as Series E investment with participation from new investor, Kedaara Capital, besides existing investors like Norwest Venture Partners (NVP), Lok Capital Growth Fund and an anchor investor from the family of P Surendra Pai. Norwest Venture Partners, India has doubled their investment in the company by allocating an additional Rs 200 crore in this round. The NBFC has proposed to use the additional capital to further penetrate into existing markets to augment the capital required by MSMEs for business expansion, working capital and for asset creation backed by transformative technology, robust credit appraisal systems and quality customer service.

D Arulmany, MD and CEO, Veritas Finance said, “The significant role that informal micro enterprises play in building the economy can never be ignored and their vital contribution has been recognized by everyone. However, several reasons, starting from their unorganized nature of these enterprises, their size, location, banking habits etc., have hindered them in accessing debt and they continue to face challenges.”

Veritas Finance has a loan book of Rs 1308 crore as on February 29, 2020, with presence across eight states and one union territory. ENDS


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