What does Veritas Finance do?

Veritas Finance Limited is a Chennai-based Non-Banking Financial Company (NBFC) specialising in lending to micro, small, and medium enterprises (MSMEs) and small businesses. The company provides business loans to entrepreneurs and small business owners who lack access to formal bank credit, primarily across Tamil Nadu and South India.

Who founded Veritas Finance?

Veritas Finance was founded by V. Murali, who serves as the company's Managing Director. Murali has a background in financial services and MSME lending. The company was incorporated on 30 April 2015 in Chennai.

Who are the investors in Veritas Finance?

Veritas Finance has received investment from development finance institutions and impact investors including responsAbility Investments AG (a Swiss impact asset manager) and Developing World Markets, among others. These investors focus on financial inclusion and MSME credit access in emerging markets.

Is Veritas Finance planning an IPO?

As of available information through 2024–2025, Veritas Finance had not announced a confirmed IPO filing. However, given its institutional investor base and MSME NBFC positioning, an IPO remains a potential long-term liquidity event for early investors.

What geographies does Veritas Finance operate in?

Veritas Finance primarily operates in Tamil Nadu and South India, with a focus on semi-urban and rural MSMEs that are underserved by traditional banks. The company has expanded its branch network across Tamil Nadu and neighbouring states.

What is the share price and market cap of Veritas Finance?

Veritas Finance shares are traded in the unlisted market at approximately ₹500 per share. The exact market capitalisation is not publicly disclosed as the company is unlisted.

How do I buy Veritas Finance unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Veritas Finance?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Veritas Finance shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Veritas Finance Unlisted Share Price | Buy Veritas Finance Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Veritas Finance Unlisted Share Price | Buy Veritas Finance Pre-IPO Shares — wisefolio | wisefolio

Pros

Veritas Finance is a focused NBFC lending to the underserved MSME and small business segment in South India, addressing a large credit gap estimated at over ₹20 lakh crore in India
The company has received backing from marquee institutional investors including responsAbility Investments, Developing World Markets, and other development finance institutions, validating its business model and governance
Specialised MSME lending with deep geographic focus in Tamil Nadu and South India allows for better local underwriting, collections, and customer relationships compared to pan-India NBFCs

Cons

MSME lending carries higher credit risk compared to secured retail lending; economic downturns, as seen during COVID-19, can lead to elevated NPAs in this segment
Veritas Finance operates in a highly competitive NBFC landscape with competition from banks (which have lower cost of funds), larger NBFCs, and fintech lenders increasingly targeting MSMEs
As an unlisted NBFC, cost of funds may be higher than listed peers, which can compress net interest margins

Business Segments

MSME Business Loans

Providing secured and unsecured business loans to micro and small enterprises, traders, and self-employed individuals primarily in Tamil Nadu and South India

Small Business Lending

Lending to small business owners for working capital, equipment purchase, and business expansion needs in semi-urban and rural markets

Revenue Model

Veritas Finance earns interest income on its MSME loan book as its primary revenue source. The company raises funds through bank borrowings, NCDs, and equity capital from institutional investors, and lends at higher interest rates to MSME borrowers, earning a net interest margin (NIM) spread. Processing fees and other charges contribute supplementary income.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds8

Growth Plans

India's MSME credit gap of over ₹20 lakh crore offers a long runway for growth for specialised MSME lenders

Government schemes such as CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) reduce credit risk for MSME lenders, enabling portfolio expansion

Digital credit underwriting and bureau data availability improving MSME lending risk assessment and operational efficiency

Industry Tailwinds

Recent Developments

Gross loan portfolio crosses Rs. 6,500 crore

As of September 30, 2024, Veritas Finance's gross loan portfolio reached Rs. 6,517 crore, up from Rs. 5,724 crore as of March 2024

2024

CARE rating upgraded to AA- (Stable)

CARE Ratings upgraded Veritas Finance from BBB+ to AA- (Stable), reflecting improving scale, asset quality, and profitability

2024

Raised Rs. 240 crore through internal equity round

Veritas Finance raised Rs. 240 crore in an internal equity round to support continued portfolio growth and capitalisation

2024

Comparable Companies

CompanyTypeTickerMkt Cap

Muthoot Microfin LimitedPE: ~10xxListedMUTHOOTMF~3,000 Cr

Fusion Finance LimitedPE: ~8xxListedFUSION~2,500 Cr

Five-Star Business FinancePE: ~20xxListedFIVESTAR~8,000 Cr

Muthoot Microfin LimitedListed

Frequently Asked Questions

About Veritas Finance

Veritas Finance Limited is a Reserve Bank of India-registered non-banking financial company (NBFC) headquartered in Chennai, Tamil Nadu. The company was incorporated in April 2015 as Veritas Finance Private Limited and subsequently converted to a public limited company. It is promoted by Mr. D. Arulmany, a veteran in the microfinance and small business lending space. Veritas Finance focuses exclusively on providing inclusive finance to self-employed borrowers in the micro, small, and medium enterprise (MSME) sector who have limited access to formal financial services. Its primary product suite includes MSME loans, loan against property for commercial use (LAP-C), working capital loans (WCL), and home construction loans (HL). As of March 31, 2024, MSME loans formed 61% of the portfolio, followed by home construction loans at 14%, LAP-C at 14%, and WCL at 11%. As of September 30, 2024, Veritas operated 494 branches across 10 states — Tamil Nadu, West Bengal, Karnataka, Odisha, Andhra Pradesh, Telangana, Bihar, Jharkhand, Chhattisgarh, and Madhya Pradesh — as well as the Union Territory of Puducherry, with 105 Veritas Service Centres supplementing its full-branch network. The gross loan portfolio stood at Rs. 6,517 crore as of September 30, 2024, up from Rs. 5,724 crore as of March 31, 2024, reflecting a CAGR of 65% over the prior year. For FY2024, Veritas Finance reported total revenue of approximately Rs. 1,120 crore, driven by strong portfolio growth. EBITDA grew 57% year-on-year. The company holds a CARE BBB+ (Stable) rating — subsequently upgraded to CARE AA- (Stable) — reflecting strong capitalization, healthy profitability, and improving asset quality. ICRA also tracks the company's securitisation transactions with [ICRA]AA+(SO) ratings on PTCs. Veritas Finance is part of a larger Series G funding journey, having raised substantial equity capital to fuel its expansion. Its focus on financially excluded self-employed borrowers in both urban and rural geographies gives it a differentiated market position in the crowded NBFC landscape.

Key Milestones

Common questions about unlisted shares

How do I buy Veritas Finance unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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