Magma's USD 5M Boost, Vivriti's Credit Assurance, and Belstar's Gold Sparkle

This report highlights Magma's $5M fundraising for tech and expansion, Vivriti Capital's new partial credit guarantee for its Rs 200 crore NCDs from GuarantCo, and the launch of Belstar Microfinance's gold loan services with new branches sprouting across South Indian states.

Magma, an industrial solutions provider, has successfully raised $5 million in a funding round led by Capria Ventures. The round saw participation from existing investors including General Catalyst, Accion Venture Lab, and WEH Ventures. The funds are earmarked for expansion and technological advancements, according to a company statement.

In an unprecedented financial maneuver, Vivriti Capital announced it has secured a partial credit guarantee from GuarantCo for its recently issued Rs 200 crore non-convertible debentures. This move positions Vivriti as the first non-bank entity to achieve such support, with a guarantee set to cover up to 100% of the principal by the 27th month.

Muthoot Finance's subsidiary, Belstar Microfinance, marked a notable development with the introduction of its new gold loan services. The launch includes the opening of five branches in strategic locations across Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana, as stated in their announcement.

(With inputs from agencies.)