Fintech company Vivifi raises $75M in debt and equity funding
The Hyderabad-based company said it will use the funding to expand its workforce to over 2,000 employees in the next 12-18 months, from its existing 800, as well as set up offices across tier II and tier III cities, especially in Telangana and Andhra Pradesh.
Fintech NBFC said it has raised $74 million in debt and equity funding from an unnamed "large US-based investor".
The Hyderabad-based company said it will use the funding to expand its workforce to over 2,000 employees in the next 12-18 months, from its existing 800, as well as set up offices across tier II and tier III cities, especially in Telangana and Andhra Pradesh.
Vivifi did not name the investor, but said the deal was a strategic alliance and that the investor has a "large portfolio of investments in specialty/alternative finance" in the US.
"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," said Anil Pinapala, Founder of the company.
Vivifi, founded in 2016, is an NBFC company that provides credit access to underserved communities in India via small loans. The company claims it has disbursed Rs 1,000 crore to more than five lakh customers in the past year, and aims to do loans worth Rs 3,000 crore this year.
It reported a revenue of Rs 166 crore, and an profit after-tax of Rs 16 crore for FY23, the company said in a press release, adding it hopes to double its revenue this year.
Edited by Megha Reddy