Bengaluru-based MSME focused lender Vistaar Financial Services Private Limited (“Vistaar Finance”) has raised Rs.150 Crs from Bank of Baroda, a leading Public Sector Bank.
At a time when MSMEs are recovering from the impact of COVID-19 and coming back to normalcy in business, their need for capital, both for stocks and buying plant and machinery, is high.
Vistaar Finance, which is focused only on the MSME sector has been actively supporting them in building back business and coming out of COVID-19 shock.
Prashant Kani, Chief Financial Officer said, “We are thankful to Bank of Baroda for their support in providing Rs.150 crores sanction which will greatly help us in supporting the unserved and underserved MSMEs, particularly in rural and semi urban India and look forward to strengthening our relationship further in the years to come. This sanction is testimony to our strong business model which has withstood the test of COVID-19 crisis over the last 2 years.”
The MSME sector is one of the biggest providers of employment and industrial output in the country. As much as 45 per cent of industrial production and 40 per cent of India’s exports comes from the MSME sector.
Hence, the need for business finance is also greater in this sector. Lack of timely finance is one of the biggest bottlenecks for MSME growth in India.