Vividi India Finance, a Hyderabad, India-based fintech NBFC company, raised USD 75M in Series B funding.
The backers were not disclosed. This funding is structured in a combination of debt and equity as a preferential round. The company intends to use the funds to extend its financial services to those in under-served communities through its products, FlexPay and FlexSalary. With a focus on expanding operations, and leveraging in-house capabilities, Vivifi aims to expand its workforce to over 2000 employees in the next 12-18 months from its existing strength of 800. The company aims to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh initially, with plans for further expansion nationwide.Founded by Anil Pinapala and Srinath Kompella, Vivifi is an RBI-registered non-banking finance company (NBFC) enabling access to credit for the underserved communities in India. It offers sachet sized loans to customers who have the ability and intent to repay. Based on the loan repayments of these customers, the company then increases their credit limit to help them improve their credit score and eventually get access to larger loans. It commenced its journey with its flagship lending product FlexSalary – India’s first Personal Emergency Line of Credit. FlexPay by Vivifi is India’s personal emergency line of credit that offers a ready credit app which is an EMI-free option and is tailored to meet their needs of the underserved/unserved Indians and offers an EMI-free loan with no penalties or hidden charges providing borrowers full flexibility to plan for their monthly repayments based on their monthly cash flow.With a focus on expanding operations, and leveraging in-house capabilities, Vivifi aims to expand its workforce to over 2000 employees in the next 12-18 months from its existing strength of 800, and to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh initially, with plans for further expansion nationwide.In FY23, the company reported a revenue of Rs. 166 crores, with a Profit After Tax (PAT) exceeding Rs. 16 crores for the previous financial year; and expects to nearly double its revenues this year while aiming to disburse over Rs. 3,000 crores.24/01/2024
