The Hyderabad-based fintech NBFC Vivifi India Finance has raised $75 million in a Series B funding round using a mix of debt and equity.
Although Vivifi did not reveal the identities of its investors, BP IN VPF LLC is listed as a source of funding according to the company’s regulatory filings. The company will reportedly be valued at approximately $150 million.
During FY21, Vivifi raised $6 million in Series A funding from friends and family.
According to a press release from the company, the newly raised funds will be crucial to Vivifi’s goal of revolutionizing financial inclusion through technology-driven credit solutions. Through its products, FlexPay and FlexSalary, the fundraiser will help expand financial services for underserved communities.
Vivifi, a loan platform that targets underprivileged communities, was introduced in 2016. It asserts that in the previous year, it has disbursed loans to over 5,000 000 customers totaling more than Rs 1,000 crore. The bulk of these beneficiaries, according to the company, come from tier II and III cities in India and make less than Rs 30,000 a month.
Vivifi is notable for having turned a profit ever since it launched. The company recorded Rs 166 crore in revenue and Rs 16 crore in profit after tax (PAT) for FY23. This year, it hopes to disburse more than Rs 3,000 crore and nearly double its revenues.
Co-founder of Vivifi Anil Pinapala continued, saying that the company will add a million users to its customer base in the next 12 to 18 months and that the funding is welcome given the escalating regulatory demands for increased capital adequacies in the unsecured lending market.
In the next 12 to 18 months, Vivifi hopes to grow from its current staff of 800 to over 2,000 workers. In Telangana and Andhra Pradesh, it also intends to open several offices in tier-II and tier-III cities at first.
