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Veritas Finance raises Rs 30 crore from Sarva Capital

The Chennai-based Veritas Finance today said it has raised Rs 30 crore from Sarva Capital in A series funding. The funding will help fuel their expansion plans.

PTI|
Updated: Mar 28, 2016, 07.31 PM IST
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MUMBAI: The Chennai-based Veritas Finance today said it has raised Rs 30 crore from Sarva Capital in A series funding.

The funding will help the Tamil Nadu and Puducherry-focused company to fuel their expansion plans and diversify their product and services.

It will get a board position for Venky Natarajan, Managing Partner, Lok Advisory Services, which owns Srava Capital, at Veritas Finance, the company said in a statement.

Veritas meets the short, medium and long-term financial requirements of the financially excluded micro and small enterprises.

Tamil Nadu accounts for over 10 per cent of the MSME enterprises in the country.

Veritas has 12 branches in the state and plans to further enhance its presence to 35 branches in the next few months.

By 2017, the company aims to grow its loan book size from Rs 4 crore to Rs 200 crore, increase customer base from 200 to 5,000 and expand to Karnataka, Odisha, and Andhra Pradesh.

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