Bengaluru, 11th January 2023: Vivriti Capital (VC), a B2B fintech NBFC, and Sai Silks (Kalamandir), a Hyderabad-based apparel retailer, announced a vendor financing partnership worth INR 40 crore today. Sai Silk will utilise the funds towards procurement of raw materials, in order to meet increased demand during the ongoing wedding season marked by high-value consumption expenditure.
Vivriti Capital provides debt to mid-market corporates in India through multiple financial products across loans, supply chain finance, working capital, bonds, leasing, securitisation etc. VC has sharply shortened the on-boarding journey of borrowers via its proprietary technology platform and rating models that identifies and evaluates its borrowers, analyses data across financials, bank statements, GST data, pension payments, bureau pulls etc., peer compares, verifies invoices and ensures a turnaround time of less than a day for vendor and dealer financing. VC’s core tech and data platform has digitised the entire process of loan origination to disbursement of funds.
The fintech lender has a loan book of INR 5,500 crores as of date. Investors such as Lightrock, Creation Investments and TVS Capital, among others, back Vivriti Capital.
Rohit Sinha, Head of Supply Chain Finance at Vivriti Capital said, “We are pleased to be able to provide funding in a timely manner, in a tightly managed 10-day end to end process, to one of the largest clothing retailers in South India. At Vivriti Capital, we continuously work to identify mid-market businesses that need our support and rapid, flexible, bespoke debt solutions. Our advanced vendor identification and evaluation technology has helped Sai Silks (Kalamandir) meet its high demand in a timely manner. This partnership is testament to Vivriti’s ability to identify the right clients at the right time.”
Sai Silks (Kalamandir) is one of the largest retailers of women’s ethnic wear, mainly sarees, in South India with over 4,000 weavers in their ecosystem. The flagship brand has stores in Telangana, Andhra Pradesh, and Karnataka.
Mr. Prasad Chalavadi (Promoter & MD), Sai Silks (Kalamandir) said, “In India, the wedding season is a very significant buying and demand period for clothing. We therefore had a pressing need to buy raw materials from weavers. We went to Vivriti Capital in the expectation that they would provide us with timely support so that we had the means to meet the demand throughout this season. We are really appreciative of Vivriti Capital’s quick and flexible process, which made it possible for us to finance the vendors.”
Sai Silks (Kalamandir) is likely to launch its IPO bound in January 2023. In November 2022, the company declared that it has SEBI’s approval to go for public listing. SSKL had filed the DRHP in mid July 2022 to raise ₹1,200 crore from the market.
, a B2B fintech NBFC, and Sai Silks (Kalamandir), a Hyderabad-based apparel retailer, announced a vendor financing partnership worth INR 40 crore today.){kind=link}