₹1,200 crore investment led by Multiples Private Equity (PE) along with its co-investors including International Finance Corporation (IFC) to expand access to capital for India’s micro, small and medium enterprises. The deal comprises of a primary issuance of Rs 400 crore and provides a part exit to early investors, British International Investment (BII) and Lok Capital, the lender and Multiples PE said in a statement. While Multiples PE, along with co-investor World Bank’s private investment arm IFC and others, will be infusing ₹1,050 crore; Avendus Future Leaders Fund also participated in the transaction investing Rs 150 crore. Veritas proposes to use the fresh capital to enter new markets and strengthen its new product lines, including affordable housing loans. “The fresh capital raised will provide significant runway for growth, help deepen our existing offerings and expand into the affordable housing space. We strongly believe these partnerships will further catalyse our mission to serve the underserved," said D. Arulmany, MD & CEO of Veritas.
Investment banking firm Avendus Capital was the exclusive financial advisor to Veritas on this transaction. Vertias was founded by Arulmany in 2015 in Tamil Nadu catering to the underserved MSME financing market in semi-urban and rural geographies.
Today, it serves across eight states and one union territory primarily offering secured small business loans with an average ticket size of Rs 5 lakh. The lender operates in over 285 branches and servicing 115,000+ customers with an AUM of more than Rs 3,500 crore as on March end 2023. “Veritas’ in-depth understanding of micro-SME businesses across different geographies combined with strong frameworks has enabled it to build
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