Vivifi India Finance, a Hyderabad-based fintech NBFC, has raised $75 million from a speciality/alternative finance entity in the U.S.
Announcing the successful completion of the Series B funding, structured in a combination of debt and equity as a preferential round, Vivifi said the capital raised will play a pivotal role in business expansion and support the extension of its financial services to those in underserved communities through its products.
It has disbursed ₹1,000 crore to over 5,00,000 customers across India over the past year and is aiming to cross ₹3,000 crore this fiscal. While Telangana, Andhra Pradesh, Maharashtra and Karnataka are major markets, the company intends to ramp up its operations in northern states, founder Anil Pinapala.
A significant majority of its customers earn less than ₹30,000 a month and are in tier-II and III cities. “We are hopeful of expanding our customer base to a million users in the next 12-18 months. The infusion of capital is timely as regulatory demands for enhanced capital adequacies in the unsecured lending sector intensify,” he said.
As part of the focus on expanding operations and leveraging in-house capabilities, Vivifi aims to expand its workforce to more than 2,000 employees in the same period from the existing 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.
Published - January 25, 2024 08:50 pm IST
