CRISIL

Vivriti Capital Ltd., which is registered with the RBI as a non-deposit taking systemically important non-banking financial company, has announced a public issue of secured, rated, listed, redeemable, non-convertible debentures (NCD) of face value of ₹1,000 each for an amount up to ₹250 crore with an option to retain oversubscription up to ₹250 crore cumulatively aggregating up to ₹500 crore.

Vivriti Capital to raise up to ₹500 cr. via NCDs

Vivriti Capital Limited (VCL), a non-banking finance company (NBFC), raised a $25 million senior secured debt facility from the Asian Development Bank (ADB) to lend towards its climate finance initiatives. The 4-year tenor loan is  the first by an NBFC which will be used to expand its green finance portfolio, the company said.The proceeds will fund renewable energy projects and the electric vehicle (EV) ecosystem, with at least 30% allocated to EV infrastructure and on-lending for EV purchases. India has set a target to reduce carbon emissions by one billion tons by 2030 and achieve net zero by 2070.

Vivriti Capital raises $25 million ADB loan for climate bond

TVS Capital-backed mid-market NBFC Vivriti Capital plans to raise around ₹9,000 crore this fiscal to meet its debt obligations and support expansion. In an interview with Narayanan V, Founder & MD, Vivriti Capital, Vineet Sukumar discusses the company’s disbursement plans and the impact of RBI’s rate cuts on its asset-liability profile.

Vivriti Capital to raise Rs 9,000 cr to fund growth, refinancing

Incorporated in 2017, VCL has a short operating history, with FY19 as its first full year. While it has seen 3–4 credit cycles, rapid AUM growth from ₹5,836 crore (FY23) to ₹9,437 crore (FY25), driven by longer-tenure loans, has left a significant portion of the portfolio unseasoned.


VCL's enterprise lending, largely to moderate-risk SMEs, includes 63% rated ‘BBB’ and below, and ~19% unrated. Top 20 exposures form 12% of AUM, though capped per entity/group. The growing non-financial book aids diversification, but sectoral experience is limited.


The issuer has made timely interest payments.

Mr. Vineet Sukumar, Founder & MD

VCL has raised ₹1,399 crore from PE investors, including Creation (₹481 crore), Lightrock (₹597 crore), and TVS Capital (₹321 crore), with the latest ₹100 crore in Nov 2023. As of March 31, 2025, Creation held 51.53%, Lightrock 13.63%, TVS 3.94%, and founders 11.72%



Promoter and MD Vineet Sukumar, with prior CFO and CEO roles in NBFCs, leads a strong team with expertise in lending, fundraising, and risk. VCL is backed by investors like Creation, Lightrock, TVS Capital, and LR India, who support operations through board representation.


It has 45+ lender relationships, with borrowings split across banks (56%), PSUs (16%), NBFCs, wealth managers, and others. In FY25, it raised ₹2,844 crore via term loans and ₹1,246 crore through NCDs. Borrowings comprise term loans (63%), bonds (25%), and others (12%). 



Security Name: 9.90% Vivriti Capital Limited 11 Mar 2026

ISIN: INE01HV07452

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