Hyderabad: Vivifi India Finance Private Limited, a Hyderabad-based Fintech NBFC, immediately introduced the profitable completion of its Series B funding amounting to USD 75 million. This funding is structured in a mixture of debt and fairness as a preferential spherical, and marks a big milestone for the corporate to fortify its capital base. In FY23, the corporate reported a income of Rs. 166 crores, with a Profit After Tax (PAT) exceeding Rs. 16 crores for the earlier monetary 12 months; and expects to just about double its revenues this 12 months whereas aiming to disburse over Rs. 3,000 crores.
The capital comes from a number one participant in Speciality/Alternative Finance within the USA. The capital raised will play a pivotal position in driving ahead Vivifi’s mission to revolutionize monetary inclusion by way of technology-driven credit score options. It will additional assist the extension of monetary providers to these in under-served communities by way of its merchandise, FlexPay and FlexSalary.
Vivifi has disbursed over ₹1,000 crore to greater than 5,00,000 clients prior to now 12 months. A major majority of those beneficiaries earn lower than Rs.30,000 per 30 days and are borrowing from tier-II and III cities throughout India. Notably, Vivifi has been worthwhile since inception.
Vivifi’s founders, Anil Pinapala and Srinath Kompella carry a wealth of expertise together with profitable prior exits in digital lending within the USA contributing to the sturdy basis of the group. Speaking on this event, Anil Pinapala, says, “We are very excited to announce the completion of this funding spherical. This funding not solely affirms the power of our enterprise mannequin but additionally positions us successfully to satisfy the ever dynamic calls for of our buyer base.
Going ahead, we need to broaden credit score accessibility to every Indian who wants it. We purpose to offer them monetary freedom with tailor made credit score options whereas offering flexibility on their reimbursement. With this funding, we’re barrelling in direction of reaching new heights and are hopeful of increasing our buyer base to one million customers within the subsequent 12-18 months. This infusion of capital is well timed as regulatory calls for for enhanced capital adequacies within the unsecured lending sector intensify.”
With a deal with increasing operations, and leveraging in-house capabilities; Vivifi goals to broaden its workforce to over 2000 workers within the subsequent 12-18 months from its current power of 800. The firm goals to ascertain a number of workplaces throughout tier-II and tier-III cities in Telangana and Andhra Pradesh initially, with plans for additional enlargement nationwide.