Hyderabad-based non-banking financial company (NBFC) Vivifi India Finance Pvt Ltd has successfully secured $75 million (approximately INR 623.19 crore) in a Series B funding round, comprising a combination of equity and debt infusion. The funding includes $15 million in equity and $60 million in debt from a US-based investor.
Founded in 2016 by Anil K Pinapala and Srinath Kompella, Vivifi India specializes in buy now, pay later (BNPL) services, primarily through its major product FlexSalary—a platform providing instant personal emergency lines of credit. The company also offers instant personal loans of up to INR 2 lakh through its FlexPay app. Vivifi India has disbursed INR 1,000 crore to over 5 lakh customers in 2023, with plans to triple these numbers by the next year.
The fresh funding will be utilized to expand the company’s consumer reach and grow its workforce from the current strength of 700 to over 2,000 employees in the next 12-18 months, according to a report by Moneycontrol. Additionally, Vivifi India aims to introduce financial management features in response to increasing demand.
Anil Pinapala, CEO of Vivifi, shared the company’s plans for the future, stating, “Apart from building on our existing platform, we are also planning to expand our offerings a little bit into the MSME segment…We see huge potential for our product in smaller cities as well; the core will continue to be offered to the middle class of India for us.”
Before the Series B funding round, Vivifi India had secured $6 million during FY21 from friends and family. The company reported a revenue of INR 166 crore in FY23, with a Profit After Tax (PAT) exceeding INR 16 crore from the previous fiscal. Pinapala aims to double the company’s revenue in FY24.
The lendingtech sector in India has witnessed significant funding activities, with startups like InPrime Finserv and Namdev Finvest recently raising fresh capital for geographical expansion. The growth in this segment aligns with Inc42’s State Of Indian Fintech Report, projecting the lendingtech market to occupy 60% of the fintech market in India, with an expected value of $1.3 trillion by 2030, showcasing a 22% Compound Annual Growth Rate (CAGR).
