Vivriti promoter increases stake as co rejigs business to increase focus on fee income

MUMBAI: Promoter Vineet Sukumar has invested Rs 200 crore to raise his stake in Vivriti Next, the new holding company of Vivriti Capital, ahead of a planned initial public offering (IPO) by early 2029.

The fund infusion has boosted Sukumar's stake to 11.5% from less than 7%. US private equity firm Creation Investments Capital Management LLC, Liechtenstein royal family backed Lightrock Investments, and homegrown TVS Capital collectively hold 75% stake in Vivriti Next.

“From April onwards, Vivriti Next will be the new operating and holding company, which will also allow us to offer new products to our mid-market clients including capital markets, advisory and technology solutions,” said Sukumar, who co-founded the company in 2017 with an initial investment of Rs 33 crore.


Creation Investments is the largest shareholder with a 48% stake, followed by Lightrock at 20%. Vivriti Capital has a lending book of Rs 10,784 crore as of December-end with an average ticket size of Rs 25 crore.

Its private credit asset management business Vivriti Asset Management, which started in 2019, has a total book size of Rs 4,548 crore. It has raised capital from UK’s M&G Investments, British International Investment (BII), Germany’s DEG, World Bank’s IFC, and local investors Sidbi and Nabard among others.

Sukumar said the company expects profits and assets to grow 25% to 30% going forward. This even as the shift in the business model will enhance the share of fee income to 15% of total consolidated revenues in three to five years from about 7.5% in the first nine months of the current fiscal. The company recorded Rs 1,600 crore revenue in the first nine months of FY26.