Led · Equity · Jul 2023

Veritas Finance focuses on the large and underserved MSME financing market across semi-urban and rural geographies. Started in Tamil Nadu, the company has expanded across eight states and one union territory with 285+ branches and services 115,000+ customers. As of March 31, 2023, Veritas reports AUM of INR 3,500 Crore+ and primarily provides secured small business loans with an average ticket size of INR 5 Lakh. The founder, D. Arulmany, brings 25+ years of experience building financial franchises. Veritas has scaled significantly over the last six years and built deep on-ground operating experience and market knowledge. The company plans to use fresh capital to enter new markets and to strengthen new product lines, including affordable housing loans. Veritas Finance is an Indian NBFC focused on providing loans to micro, small and medium enterprises (MSMEs). The company has an operational presence in eight states. Its core product offering is MSME lending across the markets it serves. The article reports a recent capital infusion, indicating active fundraising activity. Veritas secured primary investment through a Series F round. No revenue, user, or profitability metrics were disclosed in the article. Veritas Finance is a Chennai-based non-banking finance company that lends to micro, small and medium enterprises. It offers 3-4 products tailored to MSME credit needs, with an average cheque size of ₹4 lakh and five-year loan tenors. As of February 29, 2020 the company had a loan book of ₹1,308 crore, 48,638 customers and 1,840 employees, and reported net NPAs of 1.5%. Veritas operates 201 branches across eight states and Puducherry. The company plans to enter Maharashtra, Chhattisgarh and Bihar, initially opening 6–8 branches per new state and expanding further after 12–18 months. Management says it has reduced its cost of borrowing over the last five years and passed savings to customers, and has raised about ₹800 crore of debt from over 40 lenders. Including the latest round, Veritas has raised about ₹750 crore overall from investors. Veritas Finance is a Chennai-based non-banking finance company that provides loans to micro, small and medium enterprises for business expansion, working capital and asset creation. The firm plans to use the new funds to deepen penetration in its existing markets and support customer growth. Founded in 2015, Veritas has a loan book of ₹530 crore, a net worth of ₹430 crore, more than 21,000 customers and over 130 branches across seven states. The company disburses ₹40–45 crore per month and has a ₹300 crore debt line from 23 lenders. Management is monitoring the broader NBFC liquidity issues but expects conditions to ease in the next 4–5 months. Veritas Finance is an MSME-focused non-banking financial company offering long-term finance for business expansion and shorter-term working capital loans to micro and small enterprises. The firm typically offers loans with a normal tenure of five years and may provide higher amounts and longer tenures after assessing the business and requirements. Incorporated in 2015 and registered as an NBFC by the RBI in October 2015, Veritas began operations with initial capital of Rs 13.60 crore. It has raised multiple equity and debt rounds, including Rs 30 crore in Series A and Rs 120 crore in Series B, with cumulative fundraising of about Rs 300 crore prior to the latest debt. The company reports over 14,000 customers, around 700 employees, 68 branches and 100 micro‑centres across Tamil Nadu, Puducherry, Karnataka, West Bengal and Odisha. After its Series B it said it was on course to a loan book of Rs 330–350 crore by the end of FY18.

Led · Equity · Jul 2022

Niyo is a neobanking platform that offers digital savings accounts and other banking services in partnership with banks. It issues travel and forex cards in partnership with SBM and DCB Bank and provides zero-balance prepaid cards for domestic blue-collar workers. The company serves around four million customers across its banking and wealth management products and processes transactions worth over $3 billion daily. Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo plans to expand into more consumer-focused products such as credit cards, remittances, and loans and will soon launch an outward remittance business. The startup says it will deploy the funds to expand product capabilities, grow the customer base through organic and inorganic opportunities, bolster team strength across functions, and invest in brand building. Niyo offers digital savings accounts and banking features by partnering with banks to deliver a modern user experience, plus a wealth management product for mutual funds and domestic equities. Popular features include zero percent forex markup and an "invest the change" roundup investing option. The company has launched NiyoX less than a year ago and says it has seen strong adoption. Niyo has amassed over 4 million customers, is adding more than 10,000 new users per day, and is processing over $3 billion in annualized transactions. The six-year-old, Bengaluru-headquartered startup plans to add lending (loans around ₹70,000 / $930) starting next month and is pursuing inorganic growth via acquisitions as it broadens its product set. NiYO (founded in 2015) partners with employers and banks to deliver digital payroll, benefits and financial services through a mobile app. Its product enables employees to access tax‑exempt benefits (healthcare, food allowances), submit claims via the app, and use credit cards that employers can lock to specific spend categories. The startup also offers insurance, investment products, personal credit lines and credit cards that use employment as the guarantee. NiYO says it can increase employees' take‑home pay by at least 10% and currently serves over 100,000 salaried employees across more than 500 companies, with roughly 40% of users having never had a credit card before. It acquires users via employer sign‑ups and distribution through bank partners YES Bank and DCB Bank. To expand beyond tier‑one cities, NiYO plans to offer basic payroll software for free in tier‑two and tier‑three locations to onboard more employers to its core services.

Led · Equity · Jul 2022

Niyo, co-founded in 2015, operates two lines of business: global banking and mass banking. Its flagship product, Niyo Global, provides digital banking for international travellers through partnerships with DCB Bank, Equitas Small Finance Bank, and State Bank of Mauritius. The company reports a customer base of about 4 million and runs corporate offices in Bengaluru with a sales presence across more than 20 states and union territories. Niyo closed a $130 million Series C led by Accel, Lightrock, and Multiples, with participation from Prime Venture Partners, Horizons Ventures, Tencent, JS Capital, Social Capital, and Beams Fintech Fund. Most recently it received strategic funds from Spring Marketing Capital aimed at supporting brand strategy, partnerships, and campaigns in the travel banking sector. Niyo Solutions is an Indian fintech firm that operates a neo banking platform offering digital banking services. The article identifies it as a neobank/neo banking platform but provides no product specifics or user metrics. The company announced a $30 million capital injection from private equity firm Multiples Alternate Asset Management. That fundraising came less than five months after the company secured $100 million. The report does not include details on the financing instrument, valuation, or future plans. NiYO Solutions operates as a neo-bank that partners with traditional banks (Yes Bank and DCB Bank) to offer payroll solutions, lending, insurance and a global travel card with no mark-up fee. The startup targets salaried employees and blue-collar workers, aiming to drive financial inclusion for segments underserved by traditional banks. Its travel card has over 50,000 users, and the company plans to scale that to 500,000 by April next year. NiYO currently serves about 1 million customers and intends to grow that base to 5 million within three years. The company will use fresh capital to build new product offerings, expand distribution and marketing, and pursue acquisitions that fit its vision. NiYO is a four-year-old, Bangalore-based company expanding its business domestically and exploring bringing some products to international markets. NiYO Solutions Inc., founded in 2015 and based in Bangalore, builds an integrated payroll and benefits platform for salaried employees. Its core product combines a Multi-Pocket Card, a mobile app and a digital account with multiple wallets to deliver salary accounts, meal cards, canteen solutions, corporate gift cards, reimbursement accounts, international travel cards and corporate credit cards. Launched as a pilot in July 2016, the company has served more than 500 corporates and is used by over 100,000 salaried employees through partnerships with YES Bank and DCB Bank. NiYO intends to use new funding to continue expanding its payroll and benefits platform across India, accelerate product development, grow its team and increase its presence in tier 1 cities. Financially, it has raised more than $14m in venture capital to date. The company was founded by Vinay Bagri and Virender Bisht. NiYO develops a payroll and benefits platform intended to automate payroll processes and maximize employees' effective salary through innovations in taxation, lending and wealth. The company operates an invitation-only model and is running pilots with companies representing more than 25,000 employees. NiYO plans to release its product to market shortly in partnership with leading banks and with integration into HR management software. The product aims to enable over 100,000 HR executives to automatically deliver pay raises to more than 10 million employees. NiYO cites support from IndiaStack (Aadhaar, UPI) to give customers real-time control of finances and has filed multiple product and process patents in the space. The company positions its offering as a banking-grade solution to reduce manual, error-prone payroll tasks.

Participated · Series E · Jun 2022

MoEngage offers a unified engagement suite that lets marketing and product teams analyze customer behavior and trigger personalized outreach across web, mobile, email, social, and messaging channels. Its Merlin AI agents accelerate campaign design and optimize conversions, while new modules such as MoEngage Analytics and MoEngage Inform extend capabilities to product analytics and high-reliability transactional messaging. The platform is trusted by more than 1,350 global brands—including 7-Eleven, Starbucks, Samsung, and Domino’s—and touches over 2 billion consumers each month in 75 countries. Headquartered in Bengaluru and San Francisco, the company has seen strong traction in North America, EMEA, Southeast Asia, and ANZ. Future plans include deeper AI innovation, expanded go-to-market teams in core geographies, and strategic acquisitions to enhance the product stack. Revenue figures were not disclosed, but the firm’s disciplined operating model and rapid U.S. execution were highlighted by new investors. To recognize contributors, MoEngage has conducted two employee liquidity programs, the latest totaling $15 million for 259 current and former staff.

Led · Series D · Oct 2021

Acko is an online insurer whose largest revenue driver is automobile insurance; it also sells insurance for smartphones, laptops and other home electronics via Amazon India. The company has expanded into corporate health insurance and plans to launch a direct-to-consumer health product early next year. Acko will use new funding to double down on health, develop new insurance products, scale distribution, and build partnerships across the broader health economy including with hospitals. Management has said the company could offer life insurance in the future, although there are no immediate plans. The startup achieved unicorn status with a $1.1 billion valuation after the latest fundraise and has signaled a potential public listing in 2023 or 2024. Acko was founded in 2015 and counts Amazon among its investors. Acko General Insurance Ltd is an Indian insurtech startup. It announced a $60 million fresh round of funding. The round was led by Munich Re Ventures, the investment arm of Munich Reinsurance. The article does not disclose other participating investors or the financing instrument. The coverage includes no operating metrics, use of proceeds, valuation, or founding-year details. Further strategic plans or operational details were not included in the report. Acko is a digital insurer founded in 2016 by Varun Dua that offers direct-to-consumer and partner-distributed insurance products. Its product lineup includes rider insurance, mobile and appliance protection, and ticket cancellation. The company pursues a distribution strategy combining direct sales with partnerships. Acko maintains distribution arrangements with platforms including Amazon, Ola and OYO. Financially, the company has raised capital across multiple rounds and continues to fund growth through external investors. The articles do not disclose revenue or user metrics. Acko builds digital insurance products focused on drivers and transportation-related scenarios, including direct-to-consumer auto policies and microinsurance embedded with third-party services. The company reports passing 20 million customers and has insured about 200,000 cars through its direct auto product. Acko partners with ecosystem players to offer protections such as ticket cancellation, rider protection and driver protection for roughly 15 companies, including Ola, redBus, Zomato, UrbanClap and Amazon. Founder and CEO Varun Dua previously spent a decade in the insurance industry and built the aggregator Coverfox. Acko is developing an array of services beyond basic insurance sales and is working with incumbent insurers seeking better consumer distribution. The company has attracted strategic and financial backers as it scales its data-led, technology-first insurance offerings. Acko builds digital-first insurance products targeting traditional lines like automobile insurance and newer "internet economy" covers for e-commerce, ride-hailing and travel. The company has integrated claims systems with partners (notably Ola) and has covered more than 10 million Ola trips so far. Acko operates from offices in Bombay (regulator dialogue, compliance, finance, auditing) and Bangalore (product, marketing, tech) and has grown to around 100 employees with a tech team of about 40. It secured an insurance license in September and has pursued large partnerships and product integrations rather than offline distribution. Management says regulators typically take about two months to sign off on new products and that the company works closely with them. Acko plans to raise a significant funding round next year to build a war chest and execute a multi-year strategy, and is in talks with undisclosed global insurance firms for possible participation.