CDC may invest in Veritas
UK government’s development finance institution CDC Group may provide `100 crore investment to Veritas Finance. The MFI started with an initial capital of `13.60 crore and raised additional equity of `30 crore from Lok Capital and others, including Caspian Impact Investment Adviser, in a series A round of fund-raising in 2016. The company will use the funds to increase its loan book and its network. Veritas focuses primarily on providing medium-and long-term credit to micro enterprises. Its average loan size is `4 lakh and the typical customers are small and micro entrepreneurs with monthly incomes ranging from `25,000 to `60,000, with no prior exposure to formal business finance.