Vivifi India Finance Private Limited, a Hyderabad-based fintech NBFC, has completed its Series B funding round, securing an investment of $75 million, the company said in a press release on 24 January. Funding in the main round is a significant time to strengthen the company's capital base.
In FY2022-23, Vivifi reported revenue of Rs 166 crore, with a profit after tax (PAT) of over Rs 16 crore. The company wants to nearly double its sales this year and spend over 300 billion won.
The capital infusion comes from a prominent player in specialty/Alternative Finance in the USA and is expected to play a crucial role in advancing Vivifi's mission to revolutionize financial inclusion through technology-driven credit solutions. This investment will further facilitate the extension of financial services to under-served communities through its products, FlexPay and FlexSalary.
Vivifi has already disbursed over Rs 1,000 crore to more than 5,00,000 customers in the past year. The majority of beneficiaries earn less than Rs 30,000 per month, representing tier-II and III cities across India. Vivifi has been profitable since its inception.
"This funding not only affirms the strength of our business model but also positions us effectively to meet the ever-dynamic demands of our customer base," its founder, Anil Pinapala, said.
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