The funding, structured as a combination of debt and equity in a preferential round, marks a pivotal moment for the company, strengthening its capital base.
In the fiscal year 2022-23, Vivifi reported a revenue of Rs 166 crore, with a Profit After Tax (PAT) exceeding Rs 16 crore. The company anticipates almost doubling its revenues in the current fiscal year and aims to disburse over Rs 3,000 crore.
The capital infusion comes from a prominent player in Speciality/Alternative Finance in the USA and is expected to play a crucial role in advancing Vivifi’s mission to revolutionize financial inclusion through technology-driven credit solutions. This investment will further facilitate the extension of financial services to under-served communities through its products, FlexPay and FlexSalary.
Vivifi has already disbursed over Rs 1,000 crore to more than 5,00,000 customers in the past year. The majority of beneficiaries earn less than Rs 30,000 per month, representing tier-II and III cities across India. Vivifi has been profitable since its inception.
“This funding not only affirms the strength of our business model but also positions us effectively to meet the ever-dynamic demands of our customer base,” its founder Anil Pinapala said.As part of its growth strategy, Vivifi plans to expand its workforce from 800 to over 2000 employees in the next 12-18 months. The company aims to establish multiple offices across tier-II and tier-III cities in Telangana and Andhra Pradesh initially, with plans for further nationwide expansion.