Vivriti Capital, online enterprise debt platform and lender raises USD 50 Mn (~ INR 350 Crores) in Series B funding from LGT Lightstone Aspada. The latest round comes in less than 10 months since its Series A funding from US-based Creation Investments. The latest round takes the total equity raised by the Company to USD 100 Mn. Avendus Capital was the sole financial advisor on this deal.
Founded by Gaurav Kumar and Vineet Sukumar in 2017, Vivriti owns the proprietary enterprise debt deal and value discovery online platform-CredAvenue. The tech enabled platform connects high quality debt issuers and investors in an efficient manner, offers credit underwriting solutions, analytical models, cutting edge structuring solutions and automated execution workflows. Conceived with the mission to scale up the Indian debt capital markets by making it more broad based, inclusive and efficient, the platform today counts over 2000 users. CredAvenue, since inception has facilitated deal flows of over INR 25,000 Crores. Major Banks, NBFCs, SFBs, Mutual Fund Houses, DFIs and Family Offices constitute the key participants on the platform.
LGT Lightstone Aspada is the India focused effort of LGT Lightstone, a global impact investment firm that invests in companies leveraging on pioneering business models and technological innovations to build scalable high impact business models. Kartik Srivatsa, Managing Partner of LGT Lightstone Aspada said, “We are excited to back the team at Vivriti in helping build India’s largest debt platform. Over the last few years, we have tracked their progress keenly and have been impressed by the quality of execution. We believe that the combination of their tech platform and strong product development capabilities bring much needed innovation in the space towards expanding the supply of ‘rightly priced’ debt to high impact businesses.”
“We are very pleased to bring Lightstone Aspada on board as an investor at this key phase of our journey. We’ve also achieved tremendous growth in the last 12 months, we’ve seen significant scale across debt products and the business volumes crossed Rs. 25,000 Cr in overall debt flow. This investment from Lightstone, will be used to significantly ramp up the technology and analytical engine powering the online marketplace and to shore up the balance sheet lending of the company thereby serving many more clients on our platform in the coming year.” said co-founders Gaurav Kumar and Vineet Sukumar in a joint statement.
Avendus Capital was the sole financial advisor in this deal. Avendus Capital, the investment banking arm of Avenues Group, has consistently been ranked among the top investment banks in India, with a strong track record of cross-border transactions. Pankaj Naik, Co-head of Digital & Technology Investment Banking at Avendus Capital said, “India’s underserved high yield and secondary debt market provides a large untapped opportunity for a reliable tech platform to provide access to quality assets. Vivriti’s CredAvenue platform has demonstrated their ability to deliver a wide range of debt products while serving the unique needs of the issuer and investor with speed. The investment is a testament for Indian businesses solving problems that are even remain unaddressed globally.”