Company Name : Veritas Finance
Funding Amount : Rs 300 million
Investor(s) Sarva Capital
Funding Round : Series A
Veritas Finance, a Chennai based financial services provider for micro and small enterprises has announced Series A fund raise of Rs 300 Million led by Lok advised fund – Sarva Capital.
This round also counts Caspian Impact Investment Adviser as an investor. This funding will help the company fuel their expansion plans and diversify their product and services.
Venky Natarajan, Managing Partner, Lok Advisory Services, will join the board of Veritas Finance.
Founded in November, 2015 by D. Arulmany, Veritas Finance meets the short, medium and long term financial requirements of the financially excluded micro and small enterprises.
Veritas has set up 12 branches in the state and plans to further enhance its presence to 35 branches in the next few months. By 2017, the company aims to grow its loan book size from Rs. 40 million to Rs 2000 million, increase customer base from 200 to 5000 and expand to states like Karnataka, Odisha, and Andra Pradesh.