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Online lender Vivriti Capital raises $50 mn in Series B from LGT Lightstone Aspada

Gaurav Kumar

Indian online debt platform Vivriti Capital (Vivriti) has raised $50 million (INR 3.5 billion)  in Series B funding from LGT Lightstone Aspada. The latest round comes in less than 10 months since its Series A funding from US-based Creation Investments. With the fresh round, the total funds raised by Vivriti stands at $100 million. Avendus Capital was the sole financial advisor on this deal.

The Chennai-based company, which also runs a digital marketplace CredAvenue for small businesses, and corporates had told IBS Intelligence in November last year that it would raise funds around INR 4 billion or ($54 million) from global private equity funds by March next.

Founded by Gaurav Kumar and Vineet Sukumar in 2017, Vivriti is a tech-enabled platform that connects debt issuers and investors in an efficient manner, offers credit underwriting solutions, analytical models, structuring solutions and automated execution workflows.

The fresh funds would 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 the platform in the coming year.

With an aim to scale up the Indian debt capital markets by making it broader-based, inclusive and efficient, the platform today counts over 2000 users. CredAvenue, since inception, has facilitated deal flows of worth over INR 250 billion. Major Banks, NBFCs, SFBs, Mutual Fund Houses, DFIs and Family Offices constitute the key participants on the platform.

The founders in a joint statement said, “We are very pleased to bring Lightstone Aspada on board as an investor at this key phase of our journey. We have also achieved tremendous growth in the last 12 months, as we scaled across debt products and the business volumes crossed INR 25,000 crore (INR 250 billion) in overall debt flow. ”

LGT Lightstone Aspada is the India focused effort of LGT Lightstone, a global impact investment firm that invests in companies leveraging on pioneering business models and technological innovations to build scalable high impact, business models.

Kartik Srivatsa, Managing Partner of LGT Lightstone Aspada said, “Over the last few years, we have tracked their progress keenly …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.”

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