India based micro and small business lender Veritas Finance has raised a Rs 120 crore ($18.7m) Series B led by Lok Capital and CDC Group.
Veritas had raised its first institutional funding in April 2016 from Lok Fund II (Sarva Capital) and Caspian Impact Investment Adviser. Venky Natarajan, Co-founder and Partner, Lok Capital said, “Lok has witnessed the journey of Veritas from being an idea in 2015 to reaching more than 12,000 customers today. Earlier this year, SME lending startup Lendingkart Finance Limited had raised $10 million (Rs 67 crore) debt from Kotak Mahindra Bank, Aditya Birla Financial Services and other financial institutions. Bengaluru-based Capital Float raised $45 million (Rs 293 crore) in Series-C funding, in a round led by Silicon Valley-based Ribbit Capital, along with participation from existing investors SAIF Partners, Sequoia India and Creation Investments.