Mumbai — April 16, 2025
Vivriti Capital Limited (VCL), a leading lender to mid-market enterprises in India, has secured a partial credit guarantee from GuarantCo on its newly issued INR 200 crore NCDs (Non-Convertible Debentures)[cite: 118]. The NCDs, rated CRISIL AA+(CE)/Stable, were recently listed on the Bombay Stock Exchange (BSE)[cite: 119]. This transaction marks one of the very few guaranteed bond developments executed by an offshore Development Finance Institution (DFI) in India[cite: 119].
The proceeds from this initial tranche have been fully deployed toward key infrastructure development[cite: 123]. This directly supports Vivriti’s targeted corporate roadmap of financing mid-market enterprises and small businesses managing infrastructure and climate-focused initiatives[cite: 123]. Additionally, the partial guarantee helps strengthen Vivriti's standing in India's financial ecosystem by safely diversifying its long-term funding base beyond traditional commercial bank lending lines[cite: 124].
Historically, strict regulatory frameworks in India have restricted localized institutional investments in corporate bonds carrying a rating below AA[cite: 128]. This innovative issuance sets a key market precedent, demonstrating how credit enhancements can successfully bridge the financing gap in infrastructure development by drawing funds from insurance companies, pension funds, and mutual funds[cite: 127, 128].
"This landmark credit-guaranteed NCD issuance is a testament to Vivriti's commitment to deepening India's debt markets and broadening access to institutional capital. By leveraging an innovative structured credit enhancement mechanism, we have set a precedent for future market transactions. This issuance not only diversifies our funding sources but also reinforces our ability to support mid-market enterprises and infrastructure projects. We are looking forward to exploring the potential of such structures to scale debt market participation in India." — Parth Sanghani, Chief Treasury Officer at Vivriti Capital
"I'd like to congratulate Vivriti and its team for issuing this bond despite challenging market conditions. This is our second transaction together and we are delighted to extend our partnership, this time with an innovative credit solution that we aim to replicate in India and to tap into the vast pool of institutional debt investors in the country. This partially guaranteed bond leverages the guarantee to ensure the bond achieves a rating uplift to AA+ thereby 'crowding-in' private sector institutional investors, which helps diversify funding sources for Vivriti." — Nishant Kumar, Managing Director Asia Investments at GuarantCo
Vivriti Group comprises Vivriti Capital Ltd., a fintech NBFC, and Vivriti Asset Management Pvt. Ltd., an asset manager of fixed-income AIF schemes[cite: 135, 136]. Over the last 7.5+ years, the Group has built a highly successful franchise, managing an INR 13,000+ Cr portfolio with 495+ clients across 50+ sectors and 20+ states[cite: 136]. It has raised INR 1,400 Cr of equity since inception and witnessed stellar metrics, with industry-leading asset quality and return profiles[cite: 137].
GuarantCo mobilises private sector local currency investment for infrastructure projects and supports the development of financial markets in lower income countries across Africa and Asia[cite: 140]. GuarantCo is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the United Kingdom, Switzerland, Australia, and Sweden, through the PIDG Trust; the Netherlands, through FMO and the PIDG Trust; and Global Affairs Canada, plus France through a stand-by facility[cite: 141]. GuarantCo is rated AA- by Fitch and A1 by Moody's[cite: 142].
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia[cite: 147]. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs)[cite: 148].
For more details, visit www.vivriticapital.com, www.guarantco.com, and www.pidg.org[cite: 138, 145, 157].
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