Veritas Finance raises Rs 120 crore series B equity funding

CHENNAI: Veritas Finance Pvt Ltd on Wednesday said it has raised a Series B equity funding of Rs 120 crore, which includes investment of Rs 65 crore from UK's CDC Group Plc.
Existing investors like P Surendra Pai have also participated in this round.
Veritas raised its first institutional funding in April 2016 from Lok Fund II (Sarva Capital) and Caspian Impact Investment Adviser.With this fresh round of funding, Veritas said it will look at product innovation and expansion to newer states like Andhra Pradesh and Telangana.
“As a specialised lender in the MSME segment, we are constantly looking at product innovation and building superior credit assessment methods. Through this round of funding, besides expansion, we will also strengthen our technology play which will in turn help us achieve higher productivity and bring down the cost of servicing micro-businesses," said Arulmany, founder, Veritas.
"Our investment in Veritas underlines our commitment to back companies with a strong development impact philosophy and business models that support financial inclusion for India’s disadvantaged. Financial services for the MSME space in India is a huge area, but is also hugely under-served," said Nikhil Balaraman, south Asia director, CDC India Advisors.