Vivriti concludes Rs 50 cr securitisation transaction for Vistaar Financial Services
New Delhi: Vivriti Capital has successfully concluded Rs 50 crore securitisation deal for Vistaar Financial Services through its online debt platform. This is the first direct assignment transaction of mortgage book for the Bangalore-based lender. The pool was purchased by a large private sector bank. The underlying contracts consist of SME loans with ticket size between Rs 3-5 lakh.
Vistaar was set up in 2010 to cater to the underserved SME segment by offering it a full range of financial services customised to its requirements. The NBFC operates in 14 states through 220 branches and has lent to over 200,000 borrowers with a loan book of Rs 15 billion. It follows a credit underwriting methodology based on income assessment through non-traditional documents.
The quantum of the deal and the timing is significant given the concerns surrounding the NBFC sector. It also sends out a signal that investors are evaluating deals and NBFCs for their merit as opposed to taking a blanket view.
Commenting on the success of the deal, Sudesh Chinchewadi, CFO – Vistaar Financial Services, said, “We are happy to have closed our first Direct Assignment deal of Mortgage book. The deal is a validation of the fact that NBFCs with proven business models and robust credit processes will find market backing. The entire transaction initiation and execution process on the Vivriti Platform was seamless.”
Irfan Mohammed, CBO, Vivriti Capital, added, “We are delighted to have partnered with Vistaar for its first Direct Assignment transaction of Mortgage book. They have a track record of consistently healthy portfolio quality and operational efficiency. We are happy that the entire transaction was structured and executed through our platform and that we were able to provide a good user experience.”
Vivriti Capital is committed to facilitating debt access in a manner which strikes the optimum balance between incentive alignment and risk management for all stakeholders. On the back of its innovative deal structures, it has emerged as the largest online platform for institutional debt in India with over 200 clients and transaction volumes of over Rs 17,000 crore till date.
