Private Equity Fund Investments
NBFC Veritas Finance raises Rs.440-Cr from Norwest, Kedaara Capital
Chennai-based NBFC Veritas Finance is raising INR 440 crore (USD 58.9 million) in a fresh round of funding from Norwest, Kedaara Capital, Growth Catalysts, Evolvence India Fund, and Caspian Impact Investment (which manages existing Veritas investor, India Financial Inclusion Fund). The latest round is to be co-led by existing investors Norwest and Kedaara Capital who will be infusing INR 185 crore respectively. Veritas Finance focuses on lending to micro, small, medium enterprises. It has created a loan book of over INR 1,300 crore with a customer base of 48,638 present across eight states and one union territory with 201 branches backed by 1840 employees.
From the Venture Intelligence PE-VC Deal Database: Between Mar-2016 and Mar-2020, Veritas Finance had raised over INR 800 Cr from Kedaara Capital, Lok Capital, Norwest, India Financial Inclusion Fund, CDC Group and others. P Surendra Pai is an individual investor in the company, while impact investor BlueOrchard has provided debt capital to Veritas. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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