Veritas Finance raises Rs 80 crore through listed NCDs

Non-banking finance company Veritas Finance Friday said it has completed the private placement of Rs 80 crore through issue of listed NCDs. The funds were raised through Non-Convertible Debentures to Microfinance Initiative for Asia Debt Fund and BlueOrchard Microfinance Fund, managed by BlueOrchard Finance. The city-based company, in a statement, here said it raised equity funding of Rs 200 crore in October 2018 from marquee investors with Norwest Venture Partners leading the investment along with United Kingdom's Development Finance Institution CDC Group Plc and anchor investor P Surendra Pai.

Commenting on the issue of listed NCDs, Veritas Finance, MD and CEO, D Arulmany said, "we are pleased to partner with reputed institutions and leaders in the impact investment space like Blue Orchard along with existing and new lenders who continue their support to further our financial inclusion initiatives..."

Veritas Finance Pvt Ltd is focused on lending to micro, small, medium enterprise and has presence in seven states and in a union territory.

"We are pleased to partner with Veritas Finance, a company that is serving a client segment that has largely been underserved by formal financial institutions," Blue Orchard Finance, Senior Investment Officer, Nikunj Oli said.