TLDR:
– Fintech NBFC Vivifi Finance has raised $74 million in debt and equity funding from an unnamed “large US-based investor”.
– The funds will be used to expand Vivifi’s workforce, set up offices in tier II and III cities, and increase its customer base.
Fintech company Vivifi Finance has secured $74 million in debt and equity funding from an undisclosed “large US-based investor”. The Hyderabad-based company plans to use the funds to expand its workforce from 800 to over 2,000 employees in the next 12-18 months. It also intends to establish offices in tier II and III cities, particularly in Telangana and Andhra Pradesh. Vivifi did not reveal the investor’s identity but described the deal as a strategic alliance, noting the investor’s extensive portfolio in specialty/alternative finance in the US. Vivifi, an NBFC firm founded in 2016, offers credit access to underserved communities in India through small loans. In the past year, the company claims to have disbursed Rs 1,000 crore to more than five lakh customers and aims to reach Rs 3,000 crore in loans this year. Vivifi reported a revenue of Rs 166 crore and an after-tax profit of Rs 16 crore for FY23 and hopes to double its revenue this year.
