Fintech NBFC VIVIFI Secures USD 75 Million In Funding
Hyderabad: Vivifi India Finance Private Limited, a Hyderabad-based Fintech NBFC, today announced the successful completion of its Series B funding amounting to USD 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. 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.
The capital comes from a leading player in Speciality/Alternative Finance in the USA. The capital raised will play a pivotal role in driving forward Vivifi’s mission to revolutionize 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.
Vivifi has disbursed over ₹1,000 crore to more than 5,00,000 customers in the past year. A significant majority of these beneficiaries earn less than Rs.30,000 per month and are borrowing from tier-II and III cities across India. Notably, Vivifi has been profitable since inception.
Vivifi’s founders, Anil Pinapala and Srinath Kompella bring a wealth of experience including successful prior exits in digital lending in the USA contributing to the robust foundation of the organization. Speaking on this occasion, Anil Pinapala, says, “We are very excited to announce the completion of this funding round. 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 each and every Indian who needs it. We aim to provide them financial freedom with tailor made credit solutions while providing flexibility on their repayment. 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.”
With a focus on expanding operations, and leveraging in-house capabilities; Vivifi 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.