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Non-banking financial company (NBFC) Vivriti Capital has extended a financial hand to polymer procurement tech company Source.One, providing Rs 40 crore in supply chain liquidity.
The move is designed to bolster the operations of Source.One, a startup that has been streamlining the procurement process for MSMEs since 2018 by leveraging technology to ensure efficient delivery of polymers from suppliers to buyers within a span of two days.
The financial assistance from Vivriti Capital
The financial assistance from Vivriti Capital comes in the form of a sales and vendor factoring solution, a type of supply chain finance that offers a dynamic credit facility.
The facility is specifically aimed at traders, helping them to maintain smooth operations by providing them with a financial cushion that doesn’t add debt to their balance sheets.
Leadership comments
Rohit Sinha, Head of Supply Chain Finance at Vivriti Capital, highlighted the bespoke nature of this financial solution, stating, "Vivriti Capital's partnership with Source.One signifies the innovative liquidity solutions we offer to mid-market enterprises with differentiated requirements, specifically curated to ease the supply chain financing needs."
Sinha further elaborated on the partnership's significance, noting, "By offering high-ticket exposure, we've ensured that Source.one receives the necessary growth capital at the right time. Our solution has effectively injected liquidity throughout the entire polymer trade supply chain."
Boosting electric mobility and financial accessibility
The development move follows another significant partnership between Vivriti Capital and Axis Bank, which saw the latter extend a three-year loan of Rs 250 crore to Vivriti Capital.
The loan, which was facilitated in partnership with GuarantCo, aims to support the burgeoning electric mobility sector in India.
Since its inception in 2017, Vivriti Capital has been at the forefront of offering diverse financial products, such as term loans, working capital loans, and non-convertible debentures, among others, to mid-market enterprises.