New Delhi, Dec 13 (KNN) Veritas Finance in recent venture with UK government’s development financial institution CDC group has raised investments worth 120 crores, the firm specialises in lending to the Micro, Small and Medium Enterprises (MSMEs).

Under the new investments, the round of investments include CDC Group invest Rs 65 crore while impact investment firm Lok Capital invested 45 crore along with participation from existing investors.

Also the UK based firm has committed to further invest funds worth 35 crore separately in debt, taking the total fund raise by Veritas to over 155 crore in this round of investments.

With the new investment in place, the company intends to add to its loan book. D Arulmany, founder of Veritas Finance, in a press interview said that the firm intends to achieve disbursing loans over 400 crores by the end of the financial year.

The 2015 formed, Chennai based Veritas firm is registered with the Reserve Bank as a non-banking financial company offering loans to first-time borrowers in an attempt to bring the sector under formal money lending.

At present the NBFCs lending book covers businesses of the the different services including hotels, catering contractors, electricians, kirana stores, textile units, fruits and vegetable merchants. (KNN/DA)