Non-banking finance company Veritas Finance Pvt Ltd had raised $27mn in a series D investment round led by private equity firm Norwest Venture Partners
1st Nov, 2018. RedNewswire/-
Chennai-based Veritas Finance, which began operations in 2015, focusses on micro, small and medium enterprises (MSMEs). The company has over 21,000 customers and 132 branches across the country.
Existing investors CDC Group Plc and UK’s Development Finance Institution, and anchor investor P. Surendra Pai also participated in the latest funding round.
The company proposes to use the additional capital to further penetrate existing markets to augment the capital required by MSMEs for business expansion, working capital and asset creation backed by transformative technology.
Through this round of funding, besides expansion, we will also strengthen our technology which will help us achieve higher productivity and bring down the cost of servicing micro-businesses,said Arulmany D, managing director and chief executive officer of Veritas Finance.
Veritas Finance is uniquely positioned to drive growth and provide financial services to micro, small and medium enterprises in India. We look forward to working with the Veritas Finance team to further enhance their footprint, services and technology by bringing more value to customers,said Sumer Juneja, director at Norwest Venture Partners.