Vivriti Capital has raised $55m in a Series C funding round led by existing investors Lightrock India and Chicago-based Creation Investments Capital Management, media reports said.

With this round, the amount raised by Vivriti Capital, which is an Indian non-banking financing company, since its inception has reached $165m.

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Vivriti Capital plans to use the proceeds to scale its business, enhance its technological capabilities and expand its team.

A portion of the funds will be directed towards Vivriti Asset Management to further its growth as a debt asset manager in India.

The tech-enabled fintech is a marketplace that brings together capital market investors, institutions, small enterprises, and individuals.

Vivriti Capital and Vivriti Asset Management co-founder and CEO Vineet Sukumar said: “Today’s funding milestone underscores the confidence our investors have in us. Throughout the pandemic, we have experienced phenomenal growth and considerable scale across debt products. The equity capital will give us sufficient firepower to scale across domestic and international markets.”

Sukumar founded Vivriti Capital along with Gaurav Kumar. They have also co-founded debt marketplace CredAvenue, which recently achieved the unicorn status.

The firm currently has $700m assets under management and aims to reach $5bn in the next four years.

Lightrock India managing partner Kartik Srivatsa said: “We are extremely excited to lead this round to further their journey in transforming enterprise finance for SME businesses in India.”

Creation Investments partner Tyler Day said: “We have been impressed with the team’s ability to channel capital to segments underserved by the prevailing financial system in India.”