Mumbai-based Vifin Group of Companies has raised Rs 136 crore (about $16 million) in a recent funding round.
The company also plans to raise an additional Rs 155 crore (about $18 million) by January 2025.
Funding from capital markets investors will support product development, acquisitions and the company’s ongoing global expansion, the company said in a statement.
The latest funding round comes on the heels of Veefin’s recent acquisition spree, and the company has earmarked a portion of the funding to accelerate business expansion in newly acquired companies, it said.
The white-labelled service provider recently acquired EpikIndifi, a banking-focused software solutions company, in a cash and equity swap deal worth Rs 125 crore.
In June, Veefin acquired Regime Tax Solutions, an automation platform for GST compliance and accounts payable and receivable. In August, it also acquired 100% of Nityo Tech, an IT services and solutions company, part of Nityo Infotech Singapore’s India-invested business.
These acquisitions are expected to enhance its technology capabilities and broaden its customer base across multiple geographies.
Veefin builds white-labeled supply chain finance and digital lending solutions, including end-to-end stack from customer onboarding and comprehensive underwriting to efficient transaction management systems and collection processes. It counts several private banks like IndusInd Bank, Yes Bank, and 12 public sector banks as its clients. Its platform processes $30 billion in annual distributions.