- Over 75% of fund beneficiaries are women-led or women-focused MSMEs
- $165M now committed toward VIRAF’s $250M fundraising target
- More than 100,000 MSMEs supported, reaching 350,000+ individuals
Vivriti Asset Management (VAM) has taken a significant step forward in its mission to credit access for small and medium enterprises in India that often get overlooked. Their lead fund, the Vivriti India Retail Assets Fund (VIRAF), has now raised an additional $20 million senior debt investment from the Development Bank of Austria (OeEB). This brings the total commitment to the fund to a whopping $165 million, moving them closer towards their eminent goal of $250 million.
VIRAF, introduced in March 2023, is India's first launch asset-backed securitization (ABS)-based fund exclusively meant for the MSME lending and retail segment. The fund has been specifically formed to bridge the gap in funding for small and micro enterprises, especially women-owned businesses, which struggle to access conventional credit.
VIRAF has raised around $140 million of assets under management and invested $200 million across 25 non-banking finance companies (NBFCs). These investments have benefited over 350,000 people, including over 100,000 MSMEs—a whopping 75% are female or women-owned enterprises. This emphasis on gender inclusion is a deliberate move toward more inclusive economic growth.
OeEB's involvement is in line with its mission of supporting sustainable development in the emerging economies by means of green finance, SME promotion, and financial inclusion. Its investment not only fosters the sustainability of VIRAF's business model but also indicates the global commitment to empowering women entrepreneurs in emerging economies like India.
Vivriti Asset Management is ambitious too, targeting to invest $1 billion in retail ABS investments over the next 10 years. This milestone reflects the long-term focus of VAM to build sustainable financial ecosystems and to empower small business at scale.
VAM and VIRAF continue to be key drivers of grass-root economic growth, realizing the entrepreneurial potential of India's ecosystem—particularly that of India's women-led MSMEs.
