Vivriti Capital is a non-banking financial company based in India that lends to businesses and operates with an asset management arm as part of the Vivriti Group.

This Startup Deep Dive explains what Vivriti Capital does, how it makes money, who backs it, how it compares with rivals and what could go wrong, using publicly available information. It is educational and not investment advice. Last updated: October 2026.

Vivriti Capital in Brief

• What it is: Vivriti Capital is an Indian NBFC, mid-market lending company based in Chennai.
• Who it serves: consumers, merchants, banks, lenders and enterprises.
• Vivriti Capital is a fintech NBFC that provides debt finance to mid-market enterprises, serving 575+ enterprises across 65+ sectors and 20+ states (company site, 2026).
• Lending products include term loans, working capital demand loans, supply chain finance, co-lending, factoring, securitisation, leasing, loans against shares and property, and NCDs.
• Vivriti Asset Management, set up in 2019, is a SEBI and IFSCA-registered asset manager focused on private credit; it reports 11 funds, 1,800+ investors and Rs 7,800+ crore of commitments raised.
• Funding: reports differ: $205M across 11 rounds to $247.9M across 9 rounds (trackers); the company says about Rs 1,400 crore of equity raised by FY25 and Rs 1,630 crore by 2026.

Vivriti Capital Quick Facts

Figures marked “reported” come from published reports and may differ between sources; “Not disclosed” means no reliable public figure was found.

What Is Vivriti Capital?

Vivriti Capital operates in the NBFC, mid-market lending space in India. Understanding a company like this starts with three questions: who is the customer, what painful problem is being solved, and why the solution is better than the alternatives. The sections below apply that lens to Vivriti Capital.

• Vivriti Capital is a fintech NBFC that provides debt finance to mid-market enterprises, serving 575+ enterprises across 65+ sectors and 20+ states (company site, 2026).
• Lending products include term loans, working capital demand loans, supply chain finance, co-lending, factoring, securitisation, leasing, loans against shares and property, and NCDs.
• Vivriti Asset Management, set up in 2019, is a SEBI and IFSCA-registered asset manager focused on private credit; it reports 11 funds, 1,800+ investors and Rs 7,800+ crore of commitments raised.
• In 2026 the group created Vivriti Next as the holding and operating company over the lending and asset management arms, to add capital markets, technology and advisory services.

The Origin Story of Vivriti Capital

Every company starts from a noticed gap and a team willing to commit to closing it. Strong origin stories are specific: a clear problem, a founding team with relevant skills, and an early product that real customers could test. Founder-market fit, meaning the team’s lived experience or technical depth in the domain, tends to predict how fast a young company learns.

• Founders: Gaurav Kumar, Vineet Sukumar, Aniket Deshpande, Irfan Mohammed, Soumendra Ghosh.
• Vivriti Capital was established in 2017; its lending arm began in April 2018 with exposure to small and mid-sized NBFCs (rating report).
• Inc42 lists five founders: Aniket Deshpande, Gaurav Kumar, Irfan Mohammed, Soumendra Ghosh and Vineet Sukumar.
• Gaurav Kumar earlier founded Northern Arc Capital (per one profile) and later went on to found Yubi.
• Vivriti means 'progress' in Sanskrit; the group aims to help mid-market firms realise their potential.

Key Milestones and Challenges

No startup grows in a straight line. Early years usually involve slow adoption, product rewrites, hiring mistakes and funding gaps. In the NBFC, mid-market lending sector the common turning points are a first paying customer, a regulatory approval, a successful product demonstration or a funding round that lets the team invest ahead of demand. How a team responds to setbacks says more about resilience than any single headline.

• 2017: Vivriti Capital established; April 2018: lending arm begins.
• 2019: Vivriti Asset Management set up; Rs 310 crore equity from Creation Investments reported for 2019.
• September 2020: $14 million round led by Creation Investments.
• March 2022: $55 million Series C led by Lightrock India and Creation Investments, taking total raised to about $165 million.
• June 2025: FY25 results announced, with group AUM Rs 13,181 crore and PAT Rs 219.2 crore.
• 2026: reorganised under holding company Vivriti Next; portfolio reported at Rs 16,500+ crore as of March 2026 (company site).

Vivriti Capital Funding and Investors

Funding history shows how much outside confidence a company has attracted and how long it can operate before needing more capital. Figures below are reported and may differ between sources; valuation figures are estimates unless the company has confirmed them.

• Series C, March 2022: $55 million led by Lightrock India and Creation Investments; Creation remained the majority shareholder (reported).
• September 2020: $14 million (about Rs 100 crore) led by Creation Investments (reported).
• Earlier: Rs 310 crore from Creation Investments (2019) and about Rs 350 crore from LGT Lightstone Aspada (year not clear in the source).
• Debt: $25 million on September 30, 2024 (CB Insights).

How Does Vivriti Capital Make Money? (Business Model)

A business model describes who pays, how often and how much it costs to serve them. Strong models show repeat usage, improving margins with scale and acquisition channels that do not depend only on paid spend. Weak models show one-off sales, rising costs and growth that stops when spending stops. For companies selling to consumers, merchants, banks, lenders and enterprises, sales cycles and contract size matter as much as headline growth.

• Vivriti lends to mid-market businesses and earns net interest income; FY25 NII at the NBFC was Rs 570.7 crore (up 44.9%).
• It also runs a co-lending and loan syndication business and manages private credit funds, earning management fees on assets under management.
• Funding comes from equity, bank debt and market borrowings; FY25 capital adequacy was 21.02%.

The Numbers: Vivriti Capital Financials

Financial figures show whether growth is turning into a self-sustaining business. Small and private companies often disclose little, so any number below is included only if it was found in public reporting.

• FY25 group: AUM Rs 13,181 crore (+24.6%); revenue Rs 1,429.1 crore (+28.9%); PAT Rs 219.2 crore (+27.2% after adjusting a one-time FY24 gain).
• FY25 group: RoE 12.1%, RoA 2.85%, net worth Rs 2,146.9 crore; NBFC core gross NPA 0.24% (down from 0.54%).
• Q1 FY26: AUM Rs 13,098 crore (+27%), PAT about Rs 48 crore (down 11% on higher credit costs), NBFC gross NPA 2.49%.
• ICRA: AUM reached Rs 10,307 crore by September 2025 (NBFC basis).

Market Opportunity for Vivriti Capital

Market size is easy to exaggerate, so a useful approach separates the total market from the portion a company can realistically reach with its current product and distribution. The main forces behind demand in this sector are the scale of UPI, rising digital lending, growing participation in investing and insurance, and the digitisation of small merchants. Each of these widens the opportunity, but capital efficiency and execution decide who captures it.

• Mid-market companies are under-served by banks, and private credit and NBFC lending are growing to fill the gap.
• Co-lending with banks is a growing channel in Indian NBFC lending.

Technology and Product at Vivriti Capital

Technology is rarely the whole moat, but it drives speed, cost and customer experience. A practical way to assess it is to separate the capability the company controls from the commodity infrastructure it rents. In this sector the important factors are uptime, security, fraud controls, integrations with banks and the speed of onboarding customers.

• Fintech-led origination and monitoring; ISO 27001 certified (company-stated).
• FY25 Q4 profit was affected by continued spending on technology and market expansion.

Team and Culture at Vivriti Capital

Teams are the most important and least measurable asset of a young company. Look at how complementary the founders’ skills are, how deep the second layer of leadership is, and how the company hires and retains specialists. Culture shows up in small repeated behaviours: how quickly bad news travels upward and whether commitments to customers are kept.

• Gaurav Kumar and Vineet Sukumar are named among five co-founders in one list; the company's own founders page does not list names in the text read.

Vivriti Capital Competitors: Competitive Landscape

A fair competitive analysis names direct rivals, adjacent players who could move into the space, and the customer’s default alternative. Durable advantages include proprietary data or technology, licences and approvals, brand trust, switching costs and cost leadership.

Risks and Challenges for Vivriti Capital

• ICRA notes growth slowed in FY25 and H1 FY26, with profitability dipping to 1.8% of average managed assets in H1 FY26 due to one-time co-lending provisions and higher funding costs.
• A 2021 CARE rating flagged concentration risk in the loan book and exposure to small and mid-sized NBFCs.
• Gross NPA rose to 2.49% in Q1 FY26 from 1.7% a year earlier.
• Funding totals and valuation rely on third-party trackers and differ by source.
• Regulatory risk: rules from the RBI, SEBI, IRDAI or NPCI can change economics or business scope quickly.
• Concentration risk: dependence on a few partners, banks or payment rails can create single points of failure.

Risk is not a reason to avoid a company; it is a reason to price it correctly and to monitor the right indicators over time. Regulation in this sector is shaped by the RBI, SEBI, IRDAI and NPCI.

Vivriti Capital Growth Outlook: What to Watch

• Holding structure under Vivriti Next is meant to widen into capital markets, technology and advisory.
• Portfolio reported at Rs 16,500+ crore at March 2026 (company site), though the site's AUM figures are inconsistent.
• Key indicators: transaction value, take rate, active users, credit quality and cost of acquiring each customer.
• Funding position: Whether Vivriti Capital can reach its next milestone before needing new capital.
• Regulation: Changes from the RBI, SEBI, IRDAI and NPCI.

Industry Context: Where Vivriti Capital Fits

India's financial technology sector has been shaped by public digital infrastructure, especially UPI, along with Aadhaar-based identity, the account aggregator framework and regulation from the RBI, SEBI and IRDAI. These rails let startups reach customers and merchants at very low cost, but also expose them to fast-changing rules on licensing, data and lending conduct.

As payments become a low-margin commodity, fintech companies increasingly compete on distribution, merchant services, credit, wealth and insurance products. Sustainable profit usually depends on compliance strength, cost control and the quality of customer relationships rather than transaction volume alone.

For readers new to this field, a useful habit is to separate announcements from evidence. A plan, a partnership or a funding headline describes intent, while a delivered product, a paying customer or an audited financial statement describes results. Comparing the two over time shows how reliably a company turns promises into outcomes.

Bull Case and Bear Case for Vivriti Capital

An investment thesis is a short, testable statement of why a company could become far more valuable, together with what evidence would prove it wrong. The points below are general to this sector and are not forecasts for Vivriti Capital.

Bull case

• Digital payments and credit continue to grow, widening the market.
• Strong compliance and distribution create durable advantages.
• Cross-selling to existing customers can lift revenue per user.

Bear case

• Regulatory shifts can change economics overnight.
• Free or low-fee products make profit hard to reach.
• Fraud, outages and partner dependence can hurt trust.

Lessons Founders and Investors Can Take from Vivriti Capital

Studying a company in the NBFC, mid-market lending space offers lessons that go beyond any single firm. The points below are general lessons for the sector and are not claims about Vivriti Capital.

• Compliance is a growth enabler in financial services, not just a cost, because licences decide what a company is allowed to sell.
• Distribution and customer trust often matter more than the underlying payment or lending technology.
• Products that earn from services and credit tend to be steadier than ones that depend on free transactions.
• Dependence on a single bank partner or rail creates risk that should be managed early.
• Fraud prevention and uptime are core product features, not back-office tasks.

How to Evaluate Vivriti Capital as a Startup

• Customer clarity: Can Vivriti Capital name its customer and the problem it solves in one sentence?
• Evidence of demand: Look for repeat customers, signed contracts or measurable usage rather than announcements alone.
• Economics: Check whether margins improve as volume grows.
• Execution: Compare announced timelines with what has actually been delivered.
• Funding runway: Estimate how long current capital lasts at the present spending rate.
• Regulatory standing: Confirm required approvals are in place.
• Customer concentration: Check whether a few customers account for most of the revenue.
• Management depth: Look for experienced leaders beyond the founders and a stable core team.

The Takeaway

Vivriti Capital is part of India’s growing NBFC, mid-market lending ecosystem. The useful lesson from studying it is the discipline of asking structured questions about customers, economics, advantage and resilience. Companies that answer them well, repeatedly and under pressure are the ones that endure. Readers should treat any single report, ranking or funding headline as one input among many, and should re-check key facts against recent company announcements. Because public information on young companies is often limited, patience in verifying claims is part of good analysis. Public sources can also describe the same company in different ways, so it is worth checking dates, definitions and whether a figure refers to revenue, total income or transaction value, and whether it covers one entity or a wider group, before drawing conclusions. Small differences in rounding, currency conversion or reporting periods can also change how a figure reads. Comparing the same figure across several recent reports helps show whether it is stable or has changed over time. This article is educational and is not investment advice.

• Clear customers and repeat demand matter more than announcements.
• Regulation and capital needs shape how fast a startup in this sector can grow.
• Track a few leading indicators over time rather than one headline metric.

Vivriti Capital FAQs: Frequently Asked Questions

What is Vivriti Capital?

Vivriti Capital is a non-banking financial company based in India that lends to businesses and operates with an asset management arm as part of the Vivriti Group. It is profiled in the Startup Deep Dive series, which explains business model, funding, competitors and risks.

Who founded Vivriti Capital?

Vivriti Capital was founded by Gaurav Kumar, Vineet Sukumar, Aniket Deshpande, Irfan Mohammed, Soumendra Ghosh, and the company reports a founding year of 2017.

How much funding has Vivriti Capital raised?

reports differ: $205M across 11 rounds to $247.9M across 9 rounds (trackers); the company says about Rs 1,400 crore of equity raised by FY25 and Rs 1,630 crore by 2026. Funding figures are reported and may differ between sources, so readers should check the latest company announcements.

How does Vivriti Capital make money?

Vivriti Capital earns revenue from its NBFC, mid-market lending products and services sold to consumers, merchants, banks, lenders and enterprises. The exact revenue mix is described in the business model section and is not fully disclosed publicly.

Who are the competitors of Vivriti Capital?

Reported rivals include Northern Arc, Lendingkart, Red Fort Capital. See the competitor comparison above for how they differ.

What are the main risks for Vivriti Capital?

Main risks include rules from the rbi, sebi, irdai or npci can change economics or business scope quickly, funding and capital needs, competition and regulation by the RBI, SEBI, IRDAI and NPCI. This is educational content, not investment advice.

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Source

Source: Publicly available data, published reports, industry research, and other credible sources.