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Business EconomyPosted at: Dec 13 2017 3:26PM


UK firm CDC to invest Rs 65 cr in Veritas Finance

Chennai, Dec 13 (UNI) CDC Group, the UK’s development finance institution,
on Wednesday demonstrated its continued support for economic growth and
development in India by making a USD 10 million (Rs 65 crores) investment
in Veritas Finance, a Chennai-based financial services firm.
Founded in 2015, Veritas lends to over 12,000 micro, small and medium
sized enterprise (MSME) customers in rural and semi-urban areas, most of
which were outside the formal banking sector.
It provides long-term financing for business expansion as well as short term
loans for working capital.
Veritas currently operates 60 branches and 97 micro centers in Tamil Nadu,
Puducherry, Karnataka, West Bengal and Odisha.
MSMEs make up the backbone of the informal Indian economy and were
often family or individual run.
However, many find it difficult to access credit given their informal status and
lack of documentation.
Veritas helps these businesses to access capital at affordable rates, build a
credit profile, and move into formal credit channels, a company release said.
CDC’s equity investment will support the company’s expansion into newer
states like Andhra Pradesh and Telangana, help deepen its presence in
existing locations and aid in the development of new technology that would
lower costs for its customers.
Welcoming CDC’s investment, Veritas founder and Managing Director
D Arulmany said “this round of funding will allow us to expand and also
strengthen our technology to achieve higher productivity and bring down
the cost of servicing micro-businesses.''
UNI GV 1524
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Tags: #UK firm CDC to invest Rs 65 cr in Veritas Finance
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