Bangalore, Karnataka, India:
MSME-focused lender based in Bengaluru Vistaar Financial Services Private Limited (“Vistaar Finance”) raised Rs.150 Crs from Bank of Barodaa leading public sector bank.
At a time when MSMEs are recovering from the impact of COVID and returning to normal business, their capital needs, both for inventory and for the purchase of plant and machinery, are high. Vistaar Finance, which focuses solely on the MSME sector, has actively supported them to rebuild their businesses and emerge from the COVID shock.
Prashant Kani, Chief Financial Officer, said“We are grateful to Bank of Baroda for their support in providing a sanction of Rs.150 Crs which will go a long way in helping us support unserved and underserved MSMEs especially in rural and semi-urban areas of India and we look forward to further strengthening our relationship in the years to come. This sanction is a testament to our strong business model which has stood the test of the COVID crisis over the past 2 years.
The MSME sector is one of the largest providers of employment and industrial production in the country. No less than 45% of industrial production and 40% of Indian exports come from the MSME sector. Consequently, the need for business financing is also greater in this sector. Lack of timely financing is one of the major impediments to the growth of MSMEs in India.