Buoyed By $75 Mn Funding NBFC Vivifi India Finance Poised To Target MSMEs For Expansion

Hyderabad, Jan 25 (KNN) Vivifi India Finance Pvt Ltd, a non-banking financial company (NBFC) based in Hyderabad, has successfully secured USD 75 million in funding through its Series B round.

This funding, comprising a mix of USD 15 million in equity and USD 60 million in debt infusion, aims to propel the expansion of Vivifi India Finance's reach, specifically targeting the Micro, Small, and Medium Enterprises (MSME) segment.

Founded in 2016 by Anil K Pinapala and Srinath Kompella, Vivifi India Finance specialises in providing "buy now, pay later" (BNPL) services, prominently through its flagship product, FlexSalary—an instant personal emergency line of credit. The company also offers instant personal loans, with the FlexPay app facilitating loans of up to Rs 2 lakh.

“Apart from building on our existing platform, we are also planning to expand our offerings 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,” Pinapala told Moneycontrol.

With ambitious plans for growth, the recent funding is earmarked for extending Vivifi India Finance's outreach to a broader consumer base.

The company aims to substantially augment its workforce from the current 700 employees to over 2,000 within the next 12-18 months.

Vivifi India Finance has already made significant strides, claiming to have disbursed Rs 1,000 crore to over 5 lakh customers in 2023 through its diverse lending services.

The company, eyeing a threefold increase in customer numbers by the following year, envisions tapping into the vast potential of residential buildings for solar energy deployment.

Before this Series B funding round, Vivifi India Finance had raised USD 6 million during the fiscal year 2021 from friends and family. The company disclosed a revenue of Rs 166 crore in FY23, with a Profit After Tax (PAT) exceeding Rs 16 crore from the previous fiscal year. Anil Pinapala aims to double the company's revenue in FY24.

(KNN Bureau)