Mumbai-based Veefin Group of Companies has raised Rs 136 crore (about $16 million) in a recent funding round.
The company has also outlined plans to raise an additional Rs 155 crore (around $18 million) by January 2025.
The funds, sourced from capital market 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 set a part of the funds to drive faster business expansion across its recently acquired companies, it said.
The white-labelled services provider had recently acquired a banking-focused software solutions company EpikIndifi in a cash and equity swap deal valued at Rs 125 crore.
In June, Veefin acquired Regime Tax Solutions, a GST compliance and automation platform for 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 client base across multiple geographies.
Veefin builds white-labelled supply chain finance and digital lending solutions, including an end-to-end stack from customer onboarding and thorough underwriting to efficient transaction management systems and collections processes. It counts several private banks such as IndusInd Bank, Yes Bank, and 12 public sector banks as its clients. Its platform processes annual disbursements of $30 billion.
