Vivriti Capital mops up Rs 350 crore in Series B funding from LGT Lightstone Aspada, Technology News, ETtech

Illustration: Rahul Awasthi
Illustration: Rahul Awasthi

Vivriti Capital has raised Rs 350 crore in its Series B round from LGT Lightstone Aspada, the Chennai-based online enterprise debt platform and the lender announced on Wednesday.

The latest round of equity financing comes about 10 months after the two-year-old company had raised Rs 310 crore in its Series A round, which was led by Chicago-based Creation Investments.

In total, the company has now raised around $100 million in financing. Avendus Capital acted as the financial advisor to the transaction.

Founded in 2017 by Gaurav Kumar and Vineet Sukumar, both former senior executives at IFMR Capital, Vivriti Capital, through its proprietary online enterprise debt deals and discovery platform CredAvenue, connects debt issuers and investors, providing debt capital to enterprises and small financial institutions through its marketplace, NBFC and its fund platform.

“This investment from Lightstone, will be used to significantly ramp up the technology and analytical engine powering the online marketplace, and to shore up the balance sheet lending of the company, thereby serving many more clients on our platform in the coming year,” both the founders said in a joint statement.

The platform, which offers credit underwriting solutions, analytical models, structuring solutions and automated execution workflows, claims to have over 2,000 users, and facilitated deal flows of over Rs 25,000 crore.

“Over the last few years, we have tracked their progress keenly and have been impressed by the quality of execution. We believe that the combination of their tech platform and strong product development capabilities bring much needed innovation in the space towards expanding the supply of ‘rightly priced’ debt to high impact businesses,” Kartik Srivatsa, managing partner, LGT Lightstone Aspada said.

This is the second investment announced by LGT Lightstone Aspada, the India-focused arm of global impact investment firm LGT Lightstone, in March. It also led a $7 million funding round in Bengaluru-headquartered micro-lending startup SmartCoin earlier this week.

Vivriti, which received its NBFC licene from the country’s central bank in December 2017, said it has over 100 investors, including, banks, asset managers, private wealth and financial institutions. The financial services firm, which has closed over 1,000 transactions since inception was also reported to be raising a Rs 500 crore debt fund that will invest in companies in its marketplace.

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