ENA Sectors 2024-09-10 13:49:03 <p><span style="font-size:14px"><strong>New Delhi, Sep 10 (KNN)</strong> Veritas Finance Pvt Ltd, a non-banking financial company (NBFC) focused on serving micro, small, and medium enterprises (MSMEs), has successfully raised Rs 240 crore in an internal funding round.</span></p> <p><span style="font-size:14px">The capital injection comes from existing key investors including Lok Capital, Evolvence, and Avendus Future Leaders Fund.</span></p> <p><span style="font-size:14px">D. Arulmany, Managing Director and CEO of Veritas Finance, stated, The funds would help in strengthening the company's base and provide significant runway for growth. </span></p> <p><span style="font-size:14px">In a notable development, Arulmany also revealed the company's ambitious plans, saying, The Company may soon approach the market with an IPO in the next 12 months to augment its growth plans. </span></p> <p><span style="font-size:14px">Founded in 2015, Veritas Finance has carved out a niche in the MSME financing sector, offering a range of financial products including short-term working capital, medium-term business loans, used commercial vehicle loans, and long-term housing construction financing.</span></p> <p><span style="font-size:14px">The company has shown remarkable growth since its inception. As of June 2023, Veritas Finance boasts a substantial loan book of Rs 6,091 crore, with cumulative disbursements since inception surpassing Rs 10,400 crore. The NBFC has established a strong presence across India, operating over 400 branches in ten states.</span></p> <p><span style="font-size:14px">Veritas Finance's financial performance remains robust, with the company reporting a total income of Rs 342 crore and a net profit of Rs 66 crore for the quarter ending June 2023.</span></p> <p><span style="font-size:14px">This latest funding round and the potential IPO signal Veritas Finance's strong market position and its ambitions for further expansion in the competitive MSME financing landscape.</span></p> <p><span style="font-size:14px">As the company gears up for its next phase of growth, industry observers will be keenly watching its moves in the coming months.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39218 https://knnindia.co.in/news/newsdetails/sectors/veritas-finance-secures-rs-240-crore-internal-funding-eyes-ipo-in-next-12-months 2024-09-10 13:49:03 knnindia.co.in