The Veefin Group of Companies, a leading technology partner for banks, financial institutions, and corporates in providing working capital solutions, raised Rs 136 crore (~$16 million USD) funding. The fund, raised from capital market investors, will be primarily focused on fostering growth, scaling its products, and expanding its footprint.
The Group also announced that it is set to raise a further Rs 155 crore (~18 million USD) in its next funding round in FY25. This round will be a catalyst to fast-track the growth of Veefin's innovative product portfolio, positioning the company as the working capital technology platform of choice, and a trusted partner for clients. It will also drive faster business expansion across its recently acquired companies: Regime Tax Solutions (Tax Genie), Epikinidifi (ezee.ai), Nityo Infotech (India arm) and Singapore-based Walnut.AI.
Speaking on the fundraise, Gautam Udani, Co-Founder and COO of the Veefin Group of Companies, said: "This marks a significant step in the Veefin Group’s journey of innovation and growth. The trust and continued support from our investors reflect our proven track record of delivering state-of-the-art transformative solutions for banks, financial institutions and corporates. We will remain steadfast in our commitment to be the most trusted partner for digital transformation for our domestic and global clients."
The funding round saw participation from the Veefin Group’s long-standing investors who have been integral to the company’s growth since its inception.
Veefin Group has partnered with 500+ clients consisting financial institutions, corporates, and governments, including marquee names like the DBS Bank, IBM, Jio Finance Limited, Exonn Mobil, Yes Bank, Kafalah, PSB Alliance, Riyad Bank and more. The platform has achieved an annual disbursement worth $30Bn on its platform, one of the highest in the industry.
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