The firm plans to utilise the funding to expand its reach to more consumers and aims to expand its workforce to over 2,000 employees in the next 12-18 months from its existing strength of 700
Vivifi India was founded by Anil K Pinapala and Srinath Kompella in 2016. It offers buy now, pay later services through its major product FlexSalary, an instant personal emergency line of credit
The round is a mix of $15 Mn equity and $60 Mn debt infusion
Hyderabad-based non banking financial company (NBFC) Vivifi India Finance Pvt Ltd has secured $75 Mn (around INR 623.19 Cr) as a part of its Series B funding round from a US-based investor in a mix of debt and equity infusion.
The round is a mix of $15 Mn equity and $60 Mn debt infusion.
The firm plans to utilise the funding to expand its reach to more consumers and aims to expand its workforce to over 2,000 employees in the next 12-18 months from its existing strength of 700, as per Moneycontrol’s report.
Vivifi India was founded by Anil K Pinapala and Srinath Kompella in 2016. It offers buy now, pay later (BNPL) services through its major product FlexSalary, an instant personal emergency line of credit.
It also offers instant personal loans of up to INR 2 Lakh with its FlexPay app. With this, the startup claims to have disbursed INR 1,000 Cr to over 5 Lakh customers in 2023, and aims to triple the number by next year. Pinapala also told Moneycontrol that the company is also looking to add “financial management features as it is in demand”.
“Apart from building on our existing platform, we are also planning to expand our offerings a little bit into the MSME segment…We see huge potential for our product in smaller cities as well, the core will continue to be offered to middle-class of India for us,” said founder and CEO of Vivifi Anil Pinapala to Moneycontrol.
Prior to the new funding round, the startup had raised $6 Mn during FY21 from friends and family.
As per the startup’s statement, its revenue stood at INR 166 Cr in FY23 with its Profit After Tax (PAT) exceeding INR 16 from the previous fiscal. Pinapala is eyeing doubling the company’s revenue in FY24.
Multiple lendingtech startups have recently acquired fresh fundings. InPrime Finserv recently raised Series A funding of $3 Mn and also aims to utilise the fresh capital for geographical expansion. Jaipur based NBFC Namdev Finvest, which offers financial solutions in rural India, also raised $15 Mn on January 22. Namdev is also eyeing rapid expansion, aiming to reach 1 Lakh consumers by next year.
The last year saw listed startup Moneyboxx Finance raise fundings on two separate occasions. In November, it raised INR 75 Cr ($9 Mn) as part of a strategic funding round. Seven months earlier, in April 2023, it had raised INR 24 Cr ($2.9 Mn) in funding via private placement from non-promoter investors.
The growth in the segment is in line with Inc42’s State Of Indian Fintech Report, which found out that the lendingtech market occupies 60% of the fintech market in India and is expected to reach $1.3 Tn by 2030 exhibiting a 22% CAGR.
