Veritas Finance Private Limited

South Asia Financial services

Founded in 2015, Veritas Finance is an Indian financial services firm, based in Chennai. It lends to over 12,000 micro, small and medium-sized enterprise (MSME) customers in rural and semi-urban areas.  It provides these businesses with small individual loans for working capital and business expansion. Veritas currently operates more than 100 branches across Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha.

  • Active
  • Exited

Sarva Capital LLC (Formerly Lok II)

We are invested in Veritas Finance Private Limited through Sarva Capital LLC (Formerly Lok II), which is managed by Lok Capital. For further information on the fund, the fund manager, and the expected impact of the fund’s investment, click here.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries:
India
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Financial services
Website:
http://www.veritasfin.in/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund:
Sarva Capital LLC (Formerly Lok II)
Fund Manager:
Lok Capital
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
March 2016
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
India

Our investment

To date, CDC has invested $18 million in Veritas Finance through the Impact Accelerator.  

Our funding will support the company’s expansion into newer states such as Andhra Pradesh, Telangana, and Madhya Pradesh. It will also broaden the company’s presence in existing locations and drive technology initiatives and product expansion for its customer base. 

Lok Capital joins us in this funding round.

Expected impact

MSMEs make up the backbone of the informal Indian economy and are often family or individual run. However, many find it difficult to access credit given their informal status and lack of documentation. 

Our investment through Veritas will help these businesses access capital at affordable rates, build a credit profile, and move into formal credit channels. This will help to drive wider economic growth and support direct and indirect job creation.

Environmental and social aspects

CDC performed thorough environmental and social (E&S) due diligence prior to investment and identified key E&S priorities for this growing business.

Our long-term goal is to help the company build internal capacity to effectively manage human capital, identify talent and manage any E&S risks that affect the business.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries:
India
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Financial services
Website:
http://www.veritasfin.in/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Direct Equity
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
June 2017
Amount

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.

:
$18.08m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
India

Growth Catalyst Partners

We are invested in Veritas Finance Private Limited through Growth Catalyst Partners, which is managed by Lok Capital. For further information on the fund, the fund manager, and the expected impact of the fund’s investment, click here.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
South Asia
Countries:
India
Sector

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

:
Financial services
Website:
http://www.veritasfin.in/
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

:
Intermediated investment
Fund:
Growth Catalyst Partners
Fund Manager:
Lok Capital
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

:
November 2017
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
India