Bengaluru: Vistaar, a non-banking financial company, raises Rs.250 crore in a funding round from its existing investors – WestBridge Capital, Omidyar Network and Elevar Equity. Westbridge led the financing with an investment of Rs.202 crore. This round also saw contributions from two new investors – Saama Capital and Lok Capital. The company said that it will utilize the fresh capital to scale-up its assets to Rs.2500 crore from the current outstanding loan of Rs.600 crore in the next three years. It is also planning to increase the number of its branches to 275 from the current 150 in the days to come.
“We will also expand into new states like Andhra Pradesh, Odisha, Uttarakhand and more, to understand nuances of these states in terms of local issues, stabilize growth and then expand with a larger network of branches here,” says Brahmanand Hegde, Managing Director & CEO, Vistaar Finance.
Speaking about their new investment, Badri Pillapakkam, Director-Investments, Omidyar says, “We are delighted with the management team’s approach to balanced growth, that is significant growth in portfolio size (better than budget) while maintaining portfolio quality, as reflected in the low NPA (lower than budget). Expansion to newer states such as Madhya Pradesh, Rajasthan and Gujarat has panned out very nicely”.
Headquartered in Bengaluru, Vistaar Finance is owned and operated by Vistaar Financial Services Pvt. Ltd. It was founded by Ramakrishna Nishtala. The company offers loans and other financial assistance to the micro and small enterprise markets. Its products are mainly classified into two categories – Small Business Hypothecation Loans (SBHL) and Small Business Mortgage Loans (SBML). Since its inception, the company has opened over 100 branches in the states of Tamil Nadu, Karnataka, Maharashtra, Gujarat, Madhya Pradesh, Chattisgarh & Rajasthan and is also developing new products to proffer short-term requirements of small enterprises for festive season demands and buying new equipments.