Bengaluru-based financial services (MSME lender) start-up Vistaar Finance announced on Tuesday, December 1, 2020 that it has raised USD 30 million (Rs 225 crore) External Commercial Borrowing from Dutch entrepreneurial development bank FMO.
According to a statement issued by the company, the funds will be deployed to lend small businesses across the country. Innovations, digital finance platforms key to solving Índia's MSME credit crisis: Dr Pramod Varma, chief architect of Aadhaar said
Executive Vice Chairman of Vistaar Finance, Brahmanad Hegde, said: “This funding helps underline the core objectives of Vistaar and FMO of lending to small businesses to support their sustainable growth.
Onward lending of these funds to small businesses contributes directly to the Government of India initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’." Founded in 2010, by Brahmanad and Ramakrishna Nishtala, Vistaar focuses on online lending to SMEs. It has raised almost $76 million in funding so far. It is backed by the likes of Elevar Equity, Saama Capital, WestBridge Capital, and Omidyar Network India Advisors.
Govt approves Rs 6,000-Cr infusion in NIIF Debt Platform
Barely 1 percent may opt for RBI’s debt recast
India's manufacturing PMI slips to 3-month low in November