CDC may in­vest in Ver­i­tas

Banking Frontiers - - News / Mfi -

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.

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