Vivifi India Finance Private Limited, a Hyderabad-based fintech NBFC, today announced the successful completion of its Series B funding amounting to $75 million.
This funding is structured in a combination of debt and equity as a preferential round and marks a significant milestone for the company to fortify its capital base.
The company said that the funds will be utilised to expand its customer base and the financial inclusion through technology-driven credit solutions. It will further support the extension of financial services to those in under-served communities through its products, FlexPay and FlexSalary, the company added.
Hyderabad-based VIVIFI India Finance is an RBI-registered non-banking finance company (NBFC) enabling easier and more direct access to credit for the underserved communities in India. It offers sachet-sized loans to customers who have the ability and intent to repay.
Speaking on the fundraise, Anil Pinapala, said, “This funding not only affirms the strength of our business model but also positions us effectively to meet the ever-dynamic demands of our customer base. Going forward, we want to expand credit accessibility to every Indian who needs it. With this funding, we are barrelling towards achieving new heights and are hopeful of expanding our customer base to a million users in the next 12-18 months. This infusion of capital is timely as regulatory demands for enhanced capital adequacies in the unsecured lending sector intensify.”
The NBFC aims to expand its workforce to over 2000 employees in the next 12-18 months from its existing strength of 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, it further added.
In FY23, the company reported a revenue of Rs. 166 crores, with a Profit After Tax (PAT) exceeding Rs. 16 crores for the previous financial year; and expects to nearly double its revenues this year while aiming to disburse over Rs. 3,000 crores.