Vivriti_ABS (IFC-46295)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 16, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
VIVRITI FIXED INCOME SERIES I
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 26, 2022

Disclosed by Bank Oct 24, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC,  the proposed project entails an IFC investment of a senior debt in Vivriti India Retail Assets Fund (“The Fund”). The Fund will have a target corpus of US$150 million and will be managed by Vivriti Asset Management Private Limited (VAM) – an asset management company and a subsidiary of Vivriti Capital Private Limited (VCPL) and will be established as an Alternate Investment Fund (AIF) in the GIFT City, India’s International Finance Services Center (IFSC). 

The Fund will be established in the International Financial Services Center at GIFT City. The Fund will make investments across India.

Environment Category: FI-2

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Fund will predominantly invest in senior tranches of securitized debt securities backed by granular assets (asset backed securitization or ABS) – majority of which are micro and small enterprises (MSEs) and income generating assets. The targeted asset-originators will be small to mid-tiered non-banking finance companies (NBFCs) in India with a domestic credit rating of BBB- to A+ that extend financing primarily for micro, small and medium enterprises (MSMEs) (including women etc.) – the Project.   

The Fund is expected to have a target corpus (excluding debt) of US$75 million and an additional green-shoe option of US$ 150 million. IFC’s investment will comprise a senior debt of upto US$30 million in the Fund.                                                                                

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The shareholders of VAM are Vivriti Capital Private Limited (66.8%), co-founders Vineet Sukumar and Gaurav Kumar (6.9%, respectively), Creations Investment India III (2.7%), Lightrock Growth Fund (5.4%), LR India Holdings Limited (5.4%), TVS Shriram Growth Fund 3 (2.7%) and employee stock options (3.2%). VAM will invest upto USD 1.5 million in the Fund.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Vivriti Asset Management Private Limited Client -
- - - - Vivriti Capital Private Limited Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Vivriti Asset Management
Prathamesh Khanolkar
Senior Associate, Products
+91-9820182286
prathamesh.khanolkar@vivritiamc.com
Vivriti Asset Management, Vibgyor Towers | Unit 501 | Plot No. C - 62 | Block G | Bandra Kurla Complex | Mumbai | 400 051
https://vivritiamc.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works