Vivriti Capital: Chennai's debt powerhouse financing mid-market India

Vivriti Capital proves that debt, not just equity, can be a venture-scale business. Founded in June 2017 by Gaurav Kumar and Vineet Sukumar — both former executives of IFMR Capital — the Chennai firm is a registered non-deposit-taking NBFC that lends to mid-market enterprises at speed, with underwriting turnarounds of under ten days. It has raised about $165 million in equity, runs an alternative investment fund, and operates one of India's largest enterprise debt platforms.

Investment thesis

Vivriti's vision is to become India's largest and most efficient mid-market lender, with a mission to deliver a cumulative credit flow of Rs 1 trillion to over 5,000 enterprises by FY26. Vivriti offers the widest product suite among lenders — term loans, working capital finance, trade finance, non-convertible debentures, supplier credit, buyer finance, asset leasing and co-lending partnerships — customised with data analytics and algorithms. Its platform CredAvenue connects debt issuers and investors, offering credit underwriting, analytical models, structuring solutions and automated execution workflows, with over 2,000 users, 250+ issuers and 120+ investors including banks, NBFCs, mutual funds and family offices.

Funds, stages and cheque sizes

As an NBFC, Vivriti lends directly from its balance sheet rather than investing from a venture fund. It raised Rs 200 crore in Series A from Creation Investments, $50 million (about Rs 350 crore) in Series B from LGT Lightstone Aspada — taking total equity to $100 million at the time — and $55 million in Series C from Creation Investments and Lightrock India. In 2025 it launched VivFlo, a 24/7 tech-enabled loan access platform for co-lending, secured $25 million from ADB for climate finance, and reported FY25 results with 27% PAT growth and a 25% rise in assets under management. In February 2026 the group launched Vivriti Next as its operating and holding company, with founder Vineet Sukumar investing INR 200 crore in the new group.

Notable portfolio

Vivriti serves more than 475 mid-market enterprises across 30+ sectors, and its client roster reads like a startup who's-who: Cilicant, SV Agri, RentoMojo, SUN Mobility, Bizongo, MediBuddy and Fashinza all feature in its testimonials. Recent deals include a Rs 40 crore supply-chain finance solution for Source.One and Rs 7.5 crore in debt for Care.fi, plus the first tranche of INR 200 crore of maiden structured AA+ (CE)-rated six-year NCDs backed by a partial credit guarantee from GuarantCo.

People

Vineet Sukumar is Founder and Managing Director. The board includes independent directors Anita Belani, Namrata Kaul and Santanu Paul, and nominee directors Lazar Zdravkovic, John Tyler Day and Samir Abhyankar. Co-founder Gaurav Kumar built the firm alongside Sukumar from their IFMR Capital days.

Programmes / credits and perks

Vivriti's "programme" is its infrastructure: sector-assessment teams, full-stack digital technology, continuous engagement on debt requirements, and the VivFlo co-lending platform. No startup credits or accelerator-style perks are advertised — the value proposition is speed, structuring flexibility and access to institutional debt markets that startups rarely reach on their own.

How to engage

Mid-market enterprises, retail NBFCs and high-growth startups seeking non-dilutive capital can approach the firm through its website. Founders comparing venture debt should note Vivriti lends at institutional scale with ten-day turnarounds — useful for working capital, supply-chain finance and growth capex without giving up equity.