Veritas Finance Pvt Ltd (Veritas) has announced a ₹1,200 crore investment led by Multiples Private Equity (PE) along with its co-investors including International Finance Corporation (IFC) to expand access to capital for India’s micro, small and medium enterprises.
The deal comprises of a primary issuance of Rs 400 crore and provides a part exit to early investors, British International Investment (BII) and Lok Capital, the lender and Multiples PE said in a statement.
While Multiples PE, along with co-investor World Bank’s private investment arm IFC and others, will be infusing ₹1,050 crore; Avendus Future Leaders Fund also participated in the transaction investing Rs 150 crore.
Veritas proposes to use the fresh capital to enter new markets and strengthen its new product lines, including affordable housing loans.
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