Veritas Finance raises Rs 2 billion from Norwest, existing investors

Through this round of funding, besides expansion, Veritas will also strengthen the technology which will help the company to achieve higher productivity

Veritas Finance Private Limited, a Chennai-based Non-Banking Finance Company (NBFC) focused on lending to MSMEs, has raised Rs 2 billion through series D funding. The money was raised from Norwest Venture Partners X, and from existing investors like CDC Group Plc, UK’s Development Finance Institution and P Surendra Pai, an anchor investor.

The company proposes to use the additional capital to further penetrate existing markets to augment the capital required by MSMEs for business expansion, working capital and asset creation backed by transformative technology.

D Arulmany, MD & CEO, Veritas Finance said that MSMEs are the backbone of the Indian