Vivifi India Finance, a leading fintech Non-Banking Financial Company (NBFC) based in Hyderabad, has successfully raised $75 million in a Series B funding round, comprising a mix of debt and equity. Although Vivifi did not disclose specific investors, regulatory filings indicate that the funds were secured from BP IN VPF LLC, placing the company’s valuation at approximately $150 million.
This recent infusion of capital is poised to be pivotal in advancing Vivifi’s ambitious mission to revolutionize financial inclusion through innovative, technology-driven credit solutions. The company, founded in 2016, has been at the forefront of providing sachet-sized loans to underserved communities. In FY21, Vivifi secured $6 million in Series A funding from family and internal sources.
The funds raised in the Series B round will notably support the expansion of financial services for underprivileged communities, primarily through its flagship products, FlexPay and FlexSalary. Vivifi reports having disbursed over Rs 1,000 crore worth of loans to more than 500,000 customers in the past year, focusing on individuals earning less than Rs 30,000 per month in tier II and III cities across India.
Remarkably, Vivifi has maintained profitability since its inception. In FY23, the company achieved a revenue of Rs 166 crore and a Profit After Tax (PAT) of Rs 16 crore. Projections for the current year indicate a nearly doubling of revenues, with the company aiming to disburse over Rs 3,000 crore.
Anil Pinapala, co-founder of Vivifi, expressed the company’s strategic plans, stating that it intends to expand its customer base to one million users within 12 to 18 months. The timing of this capital infusion aligns with regulatory demands for increased capital adequacies in the unsecured lending sector. Additionally, Vivifi plans to bolster its workforce, aiming to surpass 2,000 employees in the next 12-18 months, an increase from the existing strength of 800. The company also envisions establishing multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh as part of its expansion strategy.
