Veritas Finance Private Limited has secured an investment of ₹1,050 crore from Multiples Private Equity along with its co-investors including IFC(W).
The deal comprises of a primary issuance of ₹400 crore and provides a part exit to early investors, British International Investment and Lok Capital, Avendus Future Leaders Fund also participated in the transaction and invested ₹150 crore.
The company proposes to use the fresh capital to enter new markets and strengthen its new product lines, including affordable housing loans. Avendus Capital was the exclusive financial advisor to Veritas on this transaction.
D. Arulmany, MD and CEO of Veritas said, “ The fresh capital will provide significant runway for growth, help deepen our existing offerings and expand into the affordable housing space.”
Veritas focuses on the large and under-served MSME financing market across semi-urban and rural geographies. Started in Tamil Nadu, the company has now expanded across eight states and one union territory with over 285 branches and with an AUM of over ₹3,500 crore as on March 31, 2023. The company primarily provides small business loans secured against self-occupied residential property (SORP) of the borrowers with an average ticket size of ₹5 Lakh.
