Vivriti Capital, a B2B fintech non-banking financial company, and Hyderabad-based apparel retailer Sai Silks (Kalamandir) on Wednesday announced a ₹40-crore vendor financing partnership.
Sai Silks will use the funds to procure raw material to meet the increased demand during the ongoing wedding season, the company said in a press release.
“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 meet its high demand in a timely manner,” said Rohit Sinha, Head of Supply Chain Finance at Vivriti Capital.
Vivriti Capital provides debt to mid-market corporates through multiple financial products: loans, supply chain finance, working capital, bonds, leasing, securitisation, and more. It says it has eased the onboarding process for borrowers through its proprietary technology platform and rating models. Currently, the NBFC has a loan book of ₹5,500 crore, it added.
“In India, the wedding season is a significant buying and demand period for clothing, and therefore we had a pressing need to buy raw materials from weavers. We are really appreciative of Vivriti Capital’s quick and flexible process, which made it possible for us to finance the vendors,” said Prasad Chalavadi, promoter and MD, Sai Silks (Kalamandir).
The company says its IPO is likely to be launched in January 2023. In November 2022, it said it had SEBI’s approval to go public. It filed the DRHP in mid-July 2022 to raise ₹1,200 crore from the market.
Sai Silks (Kalamandir) is a retailer of women’s ethnic wear, mainly sarees, in South India with over 4,000 weavers in its fold. The brand has stores in Telangana, Andhra Pradesh, and Karnataka