Vivifi plans to use this for extending loans to the salaried class as well as small businesses. (Image: LinkedIn)
HYDERABAD: Hyderabad-based digital lending platform Vivifi India Finance said it had raised $ 75 million (equivalent to Rs 622 crore) in a Series B funding. The company plans to use this for extending loans to the salaried class as well as small businesses. The facility compares with the credit card in terms of rate of interest, said Anil Pinapala, one of the founders of Vivifi.
“The funding affirms the strength of our business model and also positions us to meet the demands of our customer base,” he said.
Vivifi has disbursed over ₹1,000 crore to more than five lakh customers in the past year. A majority of these beneficiaries earn less than Rs30,000 per month and are borrowing from tier-II and III cities across India. It has now set a target to disburse about 3,000 crore and also double the customer numbers to 10 lakh in 12-18 months. The lendings are unsecured.
It now has 800 members working for it and has plans to increase that number to 2,000. It wants to set up multiple offices in Telangana and Andhra Pradesh initially and later across the country.
In FY23, the company reported revenue of Rs. 166 crores, with a profit after tax (PAT) of over Rs 16 crore. It now has two products- FlexPayand FlexSalary. It will soon launch one for small businesses. The company offers sachet-sized loans to customers. Based on the loan repayments, the company increases the credit limit.
Vivifi has disbursed over ₹1,000 crore to more than five lakh customers in the past year. A majority of these beneficiaries earn less than Rs30,000 per month and are borrowing from tier-II and III cities across India. It has now set a target to disburse about 3,000 crore and also double the customer numbers to 10 lakh in 12-18 months. The lendings are unsecured.
It now has 800 members working for it and has plans to increase that number to 2,000. It wants to set up multiple offices in Telangana and Andhra Pradesh initially and later across the country.
In FY23, the company reported revenue of Rs. 166 crores, with a profit after tax (PAT) of over Rs 16 crore. It now has two products- FlexPayand FlexSalary. It will soon launch one for small businesses. The company offers sachet-sized loans to customers. Based on the loan repayments, the company increases the credit limit.
( Source : Deccan Chronicle )
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