Veritas Finance

What Veritas Finance does

Veritas Finance Limited is a Chennai-headquartered, RBI-registered Systemically Important Non-Deposit taking Non-Banking Financial Company (NBFC) founded in 2015 to provide credit to micro, small, and medium enterprises (MSMEs) in India's rural and semi-urban markets. The company operates a unified lending platform spanning five core products: MSME-Rural loans (ticket size ₹1-30 lakh at 16-26% ROI across financial inclusion, micro business, and small business tiers), MSME-Urban working capital loans (₹0.5-15 lakh at 27-28% ROI, split between unsecured and secured), Home Loans (₹5-30 lakh at 14.5-17%), Used Commercial Vehicle Loans (₹1-15 lakh at 15-21%), and Loan Against Property (₹5-100 lakh at 12.5-19%). Revenue is generated almost entirely through interest income on these loans, supplemented by processing fees (~2% + GST) and ancillary charges. Customer acquisition is sales-led via a network of 130+ branches across 11+ Indian states, supported by direct field sourcing by relationship managers, referrals, and online inquiry channels. The company is differentiated by specialized credit-assessment methodologies developed for thin-file borrowers lacking formal documentation, complemented by legal support for property documentation.

The business has scaled materially: from 21,000+ customers across 7 states in 2019 to an FY2025-26 total income of ₹1,844.21 crore (+18.93% YoY) and net profit of ₹330.39 crore (+11.95% YoY), with standalone Q4 FY26 net profit up 28.22% YoY. Capital has been raised across multiple equity rounds — Series B (2018, ₹120 crore), Series D (2018, ₹200 crore, Norwest-led), Series E (2020, ~₹350 crore), Series F (2021, ₹440 crore), Series G (2023, ₹1,200 crore led by Multiples PE and IFC), and an internal round in 2024 (₹240 crore) — alongside ₹80 crore of listed NCDs in 2019. The 2024 round valued the company at approximately ₹8,500 crore and conferred unicorn status. Cumulative credit-rating progression from CARE BBB- (2017) to CARE AA- (Stable) as of June 2025 signals sustained improvement in asset quality and funding access.

In October 2024 the company converted from a private limited to a public limited company in preparation for an IPO. SEBI approved the planned ₹2,800 crore public issue in April 2026, but volatile market conditions have delayed listing, and the company is exploring a ₹800-1,000 crore secondary transaction to facilitate exits for early investors while market windows reopen. Strategic backers include Multiples PE, IFC, Norwest Venture Partners, CDC Group (now British International Investment), Kedaara Capital, Lok Capital, Evolvence, and Avendus Future Leaders Fund. Co-lending and treasury partnerships span HDFC Bank, Axis Mutual Fund, IDBI, IndusInd Bank, Kotak, and Bajaj Finserv.

Name

Veritas Finance

Legal name

Veritas Finance Limited

Website

https://veritasfin.in

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Veritas Finance is a Chennai-based NBFC lending to micro, small, and medium enterprises in India's rural and semi-urban markets through five products — MSME-Rural, MSME-Urban working capital, Home Loans, Used Commercial Vehicle, and Loan Against Property — distributed via 130+ branches across 11+ states.

Ownership category

akta.pro rank

Product category

MSME Lending (NBFC)

NAICS

Nondepository Credit Intermediation (5222)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• MSME lending services
• Micro enterprise financing
• Working capital loans
• Home loan products
• Used vehicle financing

Headquarters

HQ city

Guindy

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Veritas Finance generates revenue primarily through interest income on loans disbursed to MSMEs. The company offers various loan products including MSME-Rural loans, MSME-Urban/working capital loans, home loans, and used commercial vehicle loans. Interest rates vary by product segment, ranging from approximately 14.5% to 28% depending on the loan type, ticket size, and risk assessment of the borrower.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Veritas Finance is an RBI-registered Non-Banking Finance Company (NBFC) that provides credit to underserved micro, small, and medium enterprises (MSMEs) in India. It disburses MSME-Rural loans (Rs 1–30 lakh), MSME-Urban working capital loans (Rs 0.5–15 lakh), Home Loans (Rs 5–30 lakh), Used Commercial Vehicle Loans (Rs 1–15 lakh), and Loan Against Property (Rs 5–100 lakh) at interest rates ranging from 12.5% to 28%. Customers are onboarded through a 130+ branch network across 11 Indian states, supported by relationship managers, an online inquiry portal, and partnerships with banks for co-lending.

Product overview

Veritas Finance is a Chennai-based NBFC (Non-Banking Finance Company) that operates as a unified financial services platform offering five distinct lending products. The core portfolio consists of MSME-Rural Loans and MSME-Urban Loans (Working Capital) for micro and small enterprises, complemented by Home Loans, Used Commercial Vehicle Loans, and Loan Against Property. These products are designed to serve the underserved MSME sector in India, with loan products ranging from ₹50,000 to ₹100 lakh across various risk profiles and interest rates. The company does not appear to offer a modular platform architecture; instead, it provides discrete lending products under a single brand with shared infrastructure for credit assessment, customer onboarding, and compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• MSME-Rural Loans Business loans targeting micro and small enterprises in rural India, offered in three tiers — Financial Inclusion Loans (Rs 1–5 lakh at 20–26% ROI), Micro Business Loans (Rs 5–15 lakh at 18–21% ROI), and Small Business Loans (Rs 15–30 lakh at 16–18% ROI) — for self-employed individuals and small business owners in rural and semi-urban areas who lack access to formal credit due to insufficient documentation and collateral.
• MSME-Urban Loans (Working Capital) Unsecured and secured working capital loans for urban micro and small enterprises, covering payroll, marketing costs, and operational expenses. Unsecured loans range from Rs 0.50–3 lakh at 27–28% ROI and secured loans range from Rs 1–15 lakh at 27–28% ROI. Designed for small business owners in urban and semi-urban areas needing short-term working capital and growth financing.
• Home Loans Loans for self-employed individuals, NRIs, and monthly salaried persons for new flats, individual houses, resale properties, residential reconstruction, home improvement, and home extension, with ticket sizes ranging from Rs 5–30 lakh at 14.5–17% ROI and a Rs 4,000 + GST login fee. Targets affordable housing finance customers underserved by mainstream housing finance companies.
• Used Commercial Vehicle Loans Loan facility for used commercial vehicles and cars starting from Rs 1 lakh, with secured loans ranging from Rs 1–15 lakh at 15–21% ROI. Features include minimum documentation, faster turnaround time, and transparent procedures. Designed for small business owners and individuals purchasing pre-owned commercial vehicles for transportation and business operations.
• Loan Against Property (LAP) Loan against property for home construction and other purposes, allowing customers to unlock liquidity using their property as collateral. LAP ranges from Rs 5–100 lakh at 12.5–19% ROI. Available to self-employed individuals, salaried persons, and small business owners with property assets seeking flexible financing.

Quantifiable outcome

• Achieved unicorn status with valuation of approximately ₹8,500 crore
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Bajaj Finance: India's largest and most diversified NBFC serving consumer durables, MSME, mortgage, and commercial lending. Comparable as a multi-product Indian NBFC targeting SMEs and individuals, though significantly larger and more diversified across urban segments.
• Equitas Small Finance Bank: Chennai-headquartered small finance bank with vehicle finance, MSME, and housing loan products. Comparable customer segments and Chennai DNA; broader product set (deposits, SFB license) makes it a broader incumbent.

Direct peers

• Cholamandalam Investment and Finance: Murugappa Group NBFC with overlapping vehicle finance, home loans, and SME lending products across India. Direct competitor in used commercial vehicle and MSME segments; several Veritas senior executives previously worked at Chola.
• Aptus Value Housing Finance India: Chennai-based affordable housing finance NBFC focused on self-employed and lower-middle-income customers. Directly comparable customer profile (informal-sector, rural/semi-urban borrowers) and overlapping home loan and LAP products.
• MAS Financial Services: Ahmedabad-based NBFC focused on MSME, two-wheeler, and commercial vehicle lending to underserved segments. Highly comparable product mix (MSME term loans, working capital, vehicle finance) and customer profile of small entrepreneurs.
• CreditAccess Grameen: India's largest microfinance institution focused on rural women borrowers and micro-enterprises. Comparable in serving informal-sector rural borrowers, though primarily through joint-liability group lending rather than individual MSME loans.
• Spandana Sphoorty Financial: Hyderabad-based microfinance NBFC serving low-income women and micro-entrepreneurs in rural India. Comparable as a south-Indian NBFC lending to informal-sector borrowers with similar geographic concentration.
• Fusion Microfinance: Delhi-NCR-based microfinance NBFC serving rural women and micro-entrepreneurs. Comparable business model of lending to informal-sector borrowers across semi-urban and rural India.
• SBFC Finance: Mumbai-based NBFC focused on secured MSME and affordable housing loans. Comparable ticket sizes and customer profiles in the underserved SME segment, with similar LAP and home loan offerings.
• Five-Star Business Finance: Chennai-headquartered NBFC focused on secured small business loans against property to micro and small entrepreneurs. Comparable customer segment (informal-sector MSME borrowers) and south-India centric footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/veritasfin
• Facebookfacebook.com/veritasfinancepvtltd
• LinkedInlinkedin.com/company/veritasfin

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Funding overview

Funding rounds12 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veritas Finance