# Veritas Finance Private

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/veritas-finance-private

- Industry: Financial Services
- Headquarters: Chennai, India
- Website: www.veritasfin.in
- Total disclosed funding: $171M
- Latest round: Series F (Oct 7, 2021)
- Investors on record: 7

## About

Veritas Finance Private Limited offers innovative financial solutions, primarily catering to micro, small, and medium enterprises (MSMEs) in India, promoting inclusivity in access to credit for underserved segments.Veritas Finance Private Limited, founded in 2015 and headquartered in Chennai, India, focuses on providing financial services to MSMEs. The company has completed a total of 9 deals, with its most recent funding round occurring on July 5, 2023. This Secondary Buyout raised INR 12 billion, led by Multiples Alternate Asset Management along with Avendus PE Investment Advisors and the International Finance Corporation. This investment transaction involved acquiring the company from British International Investment and Lok Capital, indicating a strategic shift towards strengthening its market position. The founder's details are not publicly available, but the company continues to expand its footprint in the Indian financial sector.Veritas Finance Private Limited specializes in delivering tailored financial solutions for micro, small, and medium enterprises (MSMEs) in India. Their offerings include MSME loans for rural and urban businesses, home loans, and used commercial vehicle loans, aiming to enhance access to credit for self-employed individuals and small businesses. The company emphasizes transparent practices and includes a diverse target market across several Indian states, addressing the varying financial needs of entrepreneurs and small business owners.In 2023, Veritas Finance Private Limited reported a revenue of INR 83,626,791.9 and an EBITDA of INR 51,979,800.1. The company generates revenue primarily through interest income from its loan products, structured for clients to repay over predetermined periods. This model mainly supports direct lending to businesses, enabling them to finance specific needs, such as equipment purchases or operational expansions, while providing competitive rates to foster sustainable financial practices.Following the recent funding round on July 5, 2023, Veritas Finance Private Limited plans to leverage the INR 12 billion raised to enter new markets and enhance its product offerings, including affordable housing loans. The investment will facilitate expansion into new geographic regions, targeting areas with significant demand for micro, small, and medium enterprise financing, although specific locations have not been disclosed. This strategic growth initiative aims to strengthen the company's market presence and address the financial needs of underserved communities.

## Funding rounds

- Series F, Oct 7, 2021, $59M — Norwest Venture Partners, Evolvence Capital, Caspian Impact Investment Adviser, Kedaara Capital, Growth Catalyst Partners
- Series E, Mar 18, 2020, $53M — Norwest Venture Partners, Lok Capital, Kedaara Capital
- Series D, Oct 31, 2018, $27M — Norwest Venture Partners, British International Investment
- Series C, May 17, 2018, $8.8M — British International Investment, Lok Capital, Caspian Impact Investment Adviser
- Series B, May 4, 2017, $19M — British International Investment, Lok Capital
- Series A, Mar 18, 2016, $4.7M — Lok Capital, Caspian Impact Investment Adviser

## Investors

- Lok Capital (https://capitalatlas.ai/funds/lok-capital) — Series A, Series B, Series C, Series E
- Caspian Impact Investment Adviser (https://capitalatlas.ai/funds/caspian-impact-investment-adviser) — Series A, Series C, Series F
- British International Investment — Series B, Series C, Series D
- Norwest Venture Partners (https://capitalatlas.ai/funds/norwest-venture-partners) — Series D, Series E, Series F
- Kedaara Capital (https://capitalatlas.ai/funds/kedaara-capital) — Series E, Series F
- Evolvence Capital (https://capitalatlas.ai/funds/evolvence-capital) — Series F
- Growth Catalyst Partners (https://capitalatlas.ai/funds/growth-catalyst-partners) — Series F