Vivifi India Finance on Wednesday said it has raised $75 million in a Series B funding round of debt and equity.
Vivifi, founded in 2016, is a non-banking finance company (NBFC) that provides credit access to underserved communities in India via small loans. It claims to have disbursed Rs 1,000 crore loans to more than 5 lakh customers in the past year and aims to triple it to Rs 3,000 crore this year.
In FY23, the company reported a revenue of Rs 166 crore, with a profit after tax exceeding Rs 16 crore. It expects to nearly double its revenues this year.
The firm said that the capital-raise came from a “leading player in speciality/alternative finance in the US.”
According to media reports, the funding is $15 million in equity and rest in debt. The firm is valued at $150 million.
“With this funding, we are barrelling towards achieving new heights and are hopeful of expanding our customer base to a million users in the next 12-18 months. This infusion of capital is timely as regulatory demands for enhanced capital adequacies in the unsecured lending sector intensify,” Vivifi founder Anil Pinapala said.
Vivifi said it aims to expand its workforce to over 2,000 in the next 12-18 months from its existing strength of 800. The company aims to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh initially, with plans for further expansion nationwide.
Earlier on Wednesday, SK Finance Ltd, an Indian NBFC engaged in used and new vehicle financing and secured business loans, said it has raised Rs 1,328 crore ($159.9 million) from existing as well as new investors.