New Delhi, Apr 7 (KNN) Chennai-based Non Banking Financial firm that lends to micro and small enterprises, Veritas Finance has raised Rs 55 crore in debt financing from a Belgium-based fund manager, Incofin Investment Management and BlueOrchard, a global impact investment firm.

Last year also, Veritas finance had raised series B funding of Rs 120 crore from Lok Capital and CDC and said that it is on track to achieve a loan book of Rs 330-350 crore by the end of FY18.

The company has commenced its operations with an initial capital of Rs 13.60 crore and also in series A round, raised additional equity of Rs 30 crore from Lok Capital, Caspian Impact Investment Adviser and others in 2016.

Veritas Finance registered with RBI as a non banking financial company in October 2015 and provides long term finance for business expansion as well as provides short term loans to meet working capital needs of SMEs.

Veritas analyze the nature of the business and requirement in order to provide higher loan amount and longer tenure for the customers.

Otherwise, generally the loan amount would depend on the requirement of the enterprises, for a normal tenure of 5 years.

So far Veritas has raised a total of Rs 300 Cr (excluding this round) in equity and debt financing from investors including CDC Group, Swiss Fund, AAV Sarl, and Lok Capital.

MSME Centered startup (Veritas) has around 700 employees in 68 branches and 100 micro-centres in Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha along with 14,000 customers on board. (KNN/YV)