Vivriti Capital raises Rs 350 cr from LGT Lightstone Aspada

Chennai-based non-banking lender and debt arranger Vivriti Capital has raised Rs 350 crore in series B funding from private equity firm LGT Lightstone Aspada, taking the overall investment in the three-year-old company to Rs 700 crore.

Vivriti Capital, which has a loan book of around Rs 1,500 crore and runs online enterprise debt platform CredAvenue, will use the funds to scale up balance sheet of its credit business and invest in technology upgrade for debt arranging platform, the company's co-founder Gaurav Kumar told PTI over phone from Chennai.

The company will be launching an alternative investment fund next month, having got commitment from institutional investors for Rs 250 crore, Kumar said, adding he hopes to increase the company's balance sheet to Rs 2,000 crore in the next fiscal.

CredAvenue, the proprietary enterprise debt deal and value discovery online platform, has grossed volume of Rs 25,000 crore since its launch, and Kumar expects it to reach Rs 30,000 core by the end of March and Rs 50,000 crore by the end of next financial year (2020-21).

The platform connects high quality debt issuers and investors, offers credit underwriting solutions, analytical models, cutting edge structuring solutions and automated execution workflows.

It has over 2,000 corporate/enterprise users, he said.

CredAvenue has facilitated debt deal of over Rs 25,000 crore for banks, NBFCs, small finance banks, mutual funds, financial institutions and family offices.

On the credit business, Kumar claimed that the company has zero bad loans and prices it debt at 11-15 per cent.

He said the company primarily focuses on small pharma, healthcare players and smaller non-banks.

The city-based investment bank Avendus Capital was the sole financial advisor for the fund raising round, Kumar said.

LGT Lightstone Aspada is an India-focused fund from LGT Lightstone, a global impact investment firm that invests in companies to build scale by leveraging.

LGT Lightstone is part of the Liechtenstein-based LGT Group, a private banking and asset management group owned by the royals of Liechtenstein.