PE Fund Investments
Veritas Finance raises Rs.1,200-Cr led by Multiples; BII & Lok part exit
Chennai-headquartered MSME-focused NBFC Veritas Finance Pvt Ltd has raised INR 1,200 crore in a funding round led by Multiples Private Equity. Multiples PE, along with its co-investors including International Finance Corporation (IFC), contributed INR 1,050 crore to the round. Avendus Future Leaders Fund (FLF) also participated in the transaction by investing INR 150 crore. The deal comprises a primary issue of INR 400 crore. and provides a part exit to early investors, British International Investment (BII) and Lok Capital. Avendus Capital was the exclusive financial advisor to Veritas on this transaction. Veritas focuses on the MSME (micro, medium and small enterprises) financing market across semi-urban and rural geographies. The company operates across eight states and one union territory with 285+ branches, servicing 115,000+ customers with an assets under management of INR 3,500 crore+ as on March 31, 2023. The firm provides secured business loans with an average ticket size of INR 5 lakh.
From the Venture Intelligence PE-VC Deal Database: Between 2016 and 2021, Veritas had raised over USD 172 M from Norwest, Evolvence India, Kedaara Capital, Caspian Advisors , Lok Capital, BlueOrchard, British International Investment, India Financial Inclusion Fund and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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