Vivriti Capital Investor

Vivriti Capital is a new-age, tech-enabled NBFC headquartered in Chennai on a mission to be the 'catalyst for fiscal transformation'.

Provide debt for growth of Mid-market and next gen enterprises at super speed, convenience and efficiency, with a cumulative credit flow of Rs.1 trillion by FY 26 to over 5000 enterprises.

Since our inception in 2017, we have been focused on addressing the significant funding gap faced by this segment - businesses with strong potential but often underserved by traditional lenders due to limited access to high credit ratings. At Vivriti Capital, we go beyond conventional credit assessments. Our proprietary approach combines robust risk evaluation frameworks with advanced technology to uncover the real potential of businesses.

A forward-looking Non-Banking Financial Company (NBFC) committed to transforming the financial landscape for India's mid-market enterprises.

Key Focus Areas: Small and Medium Enterprises (SMEs), Microfinance Institutions (MFIs), Non-Banking Financial Institutions (NBFCs), Affordable Housing Finance Companies.

With its diverse client base and sectors of operation, VCL is well-positioned to provide financing to underserved enterprises, including micro, small, and medium-sized enterprises (MSMEs), mid-market corporates, and retail clients.

A dedicated internal Client Relationship Management team nurtures and manages enterprise-client relationships, coordinating with credit managers and sales heads on co-lending and supply chain finance to deliver tailored solutions and long-term partnerships.

For co-lending partner institutions, Vivriti offers always-on automated self-service through VivFlo in place of manual relationship-manager touchpoints, letting partners access loan origination and compliance checks at any time.

For loans sourced through its digital lending partner program, Vivriti hands the borrower-facing collections relationship to named third-party agencies -- including Visesh Credit Services, Hallmark Debt Services and Spocto Solutions -- rather than servicing those borrowers directly itself.

Vivriti Capital distributes small-business and consumer loan products through roughly 30 disclosed Loan Service Providers and Digital Lending Agents, including Fibe, Paytm, Khatabook, Mobikwik, OKCredit and Cred, extending its reach into digital/retail borrowers without its own branch network.

Retail and MSME borrowers are reached indirectly through co-lending tie-ups with other NBFCs rather than direct branches; this channel alone served over 14 lakh retail clients as of December 2025, versus 300+ enterprise clients funded directly.

Vivriti built and launched VivFlo, an in-house 24/7 tech-enabled platform giving co-lending partners always-on access to loan origination, extending the company's reach beyond banking hours and physical offices.

Vivriti runs a dedicated technology stage for acquiring borrowers -- data mining, verification and periodic system alerts for engagement -- before a loan moves into underwriting.

Underwriting combines hygiene and legal checks, proprietary rating models and risk-limit management; this is central to how Vivriti prices and approves debt for mid-market enterprises that traditional lenders underserve.

Once disbursed, loans run through a lender execution engine and document management system with fully digital collection, while a separate portfolio-management layer performs data monitoring, early-warning signals and dashboard tracking of asset quality.

Vivriti continuously raises funding across more than 50 lender relationships and multiple instruments -- term loans, non-convertible debentures, commercial paper and external borrowings -- to fund its loan book; it raised Rs 1,457 crore in term loans and Rs 1,173 crore via NCDs in the first nine months of FY26 alone.

Our proprietary approach combines robust risk evaluation frameworks with advanced technology to uncover the real potential of businesses. This enables us to extend timely and tailored capital solutions to enterprises that are ready to scale but constrained by systemic lending barriers.

VCL's expertise in cash flow-based underwriting, quick turnaround time, and streamlined processes enables it to meet the unique needs of these enterprises.

Lenders: 70+ (Key Highlights of FY25).

Key Lenders - Public Sectors: SBI, Union Bank, UCO Bank, SIDBI, IREDA, PM Mudra Yojna, NABKISAN, Nabsamruddhi, Indian Bank, Indian Overseas Bank, Bank of Baroda, Canara Bank, Bank of Maharashtra.

Key Lenders - Other Capital Markets: ADB, Royal Sundaram General Insurance, GuarantCo, Standard Chartered, Calvert Impact Capital, Nippon India Mutual Fund.

Key Lenders - Private Banks: Kotak, IDFC First Bank, Federal Bank, ICICI Bank, RBL Bank, YES Bank, Karur Vysya Bank, IndusInd Bank, Axis Bank, South Indian Bank, DCB Bank, DBS, Dhanlaxmi Bank, CSB Bank, Karnataka Bank, SBM, City Union Bank; Small Finance Banks: Ujjivan, ESAF, Jana, Suryoday, Utkarsh, Capital, Unity.

Marquee Investors: TVS Capital Funds, Creation Investments, Lightrock.

As a lender, Vivriti's largest cost line is interest paid on its own borrowings; average cost of funds rose to 9.30% in FY25 (from 8.94% in FY24) and further to 9.92% in the first nine months of FY26.

Operating expenses (staff, technology, admin) ran at 1.84% of average total assets in FY25, actually down from 1.94% in FY24, which the rating agency attributes to improving operating leverage as the loan book scales.

Credit cost -- provisioning and write-offs on the loan book -- rose to 1.98% in FY25, driven by higher provisions and write-offs on the co-lending book following new RBI rules on first-loss default guarantees (FLDG).