Vistaar Financial Services has secured $50 million funding from the US government’s development finance institution, the International Development Finance Corporation (DFC). Bengaluru-based Vistaar, founded by Brahmanand Hegde and Ramakrishna Nishtala in 2010, has so far funded over 2 lakh small businesses across 12 states since inception and has a loan book of Rs 3,100 crore.
In May, the company raised $40 million in equity from the global private equity major Warburg Pincus.
The DFC loan will help it expand its secured MSME lending portfolio, Avijit Saha, the chief executive said in a statement on Wednesday.
The loan will expand access to capital for lending to small women-owned and -led enterprises, said James Polan, vice president of DFC’s office of development credit.
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The partners with the private sector to finance solutions and invest across sectors including energy, healthcare, critical infrastructure, and technology. With the May 2023 equity investment, Warburg now holds a controlling stake in Vistaar.
Vistaar has more than 40,000 customers. Its average ticket size is about Rs 10 lakh and it covers business and housing loans.
Edited by Akanksha Sarma
