Veritas Finance, a Non-Banking Financial Company (NBFC) based in Chennai received Rs 23 Crore as in debt financing from Incofin Investment Management which is a fund manager company based in Belgium. The NBFC first allotted 230 Non-Convertible Debentures (NCDs) worth Rs 10 lakhs each on March 26, 2018.
So far, Veritas Finance raised over Rs 268.8 Crore from a group of investors that include CDC Group, Swiss Fund, AAV Sarl and Lok Capital in equity and debt financing.
Incofin Investment Management is a company that manages funds and investments in developing countries motivated in promoting inclusive progress. The company relies on investors that include leading development funds, banks, insurance companies, pension funds, high net worth and retail investors. The firm is famous for investing in sectors and regions that others would not dare venturing in which thus enables the Belgium company to leave a bigger impact without compromising their returns.
Veritas Finance Private Limited, which is registered with the Reserve Bank of India provides services that helps Indian micro small and medium enterprises (MSME) meeting their financial needs; a sector that is relatively under-served despite the demand. The NBFC is operated by professionals with deep roots in the financial services industry with the intention of providing easy credits to its customers thereby helping the millions of Indians engaged in informal activities.
Veritas Finance’s services include helping the business of its customers expand by addressing the medium term to long term financing requirements needed by micro businesses. They also provide short and medium term loan requirements to services companies that are in the uncomfortable position of having to spend large capital in order change their business environment, assert back, increase inventory as well as meeting capital needs. They also enable their client-base to purchase stocks/assets essential during seasonal spurt or building an asset base in order to protect themselves against hurdles in the future.