Veritas Finance raised Rs 30 crore that will be utilized the expansion and diversification of the existing products and services

Veritas Finance is a micro finance company that is based in Chennai, manages small and big enterprises. This micro small enterprise company has recently garnered funds of Rs 30 crore in a Series A funding round. This fundraising round has made Veritas Finance a rather largely capitalized company. With the funding received the company will use it for the expansion plan. This will also include strategy to diversify its existing strategy and services. Before this the company was working with 12 branches in Tamil Nadu that is increased to 35 till this date. The funds will help the company to expand more and diversify its services in different part like Andhra Pradesh, Karnataka and Odisha.

In the next two years the company aims to increase its loan book size to Rs.200 crore.  This startup finance company was founded by Arulmany Duraiswamy in 2015. It is registered with the Reserve Bank of India. It helps in the growth of small business enterprises in the MSME sector. This round of funding was lead by Sarva Capital, Caspian Impact Investment Advisor and several others.

State Bank of India, HDFC is among the many that the company calls its bankers. It now intends on using the newly acquired capital to better their services, as well as expand them. It also seeks to expand its loan lending services in particular. They also provide entrepreneurs with sponsors to propel their enterprises.

Takeaways

• Veritas is a Chennai based Financial Service Provider.
• The company has raised round Rs.30 crore in the Series A round.