The unicorn status refers to companies with a valuation of $1 billion, indicating the success and growth of such startups.
Among the new unicorns, JusPay, Jumbotail and Veritas Finance achieved a unique distinction by going straight from Cheetah to Unicorn status without going through the Gazelle stage, the report mentioned.
According to the Hurun classification, Gazelles are startups valued between $500 million and $1 billion and most likely to ‘go unicorn’ within three years. On the other hand, startups valued between $200 million with a potential to ‘go unicorn’ within five years are categorised as Cheetahs.
The Chennai-based NBFC capitalised on the rising demand for small business loans in its journey to become one of the fastest unicorns in India, hitting the $1 billion valuation in a year, according to the ASK Private Wealth Hurun India Unicorn and Future Unicorn Report 2025.
Other Gazelles and Cheetahs that turned Unicorns this year include Navi Technologies, Vivriti Capital, Rapido, Netradyne, Jumbotail, DarwinBox, Moneyview, Juspay and Drools.
Establishment of Veritas Finance
Established in 2015, Veritas Finance Pvt. Ltd. is a leading NBFC with its headquarters in Chennai. The company focuses on providing loans to micro, small and medium enterprises (MSMEs).
The startup was founded by Sheikh Abdullah, Arulmany Duraisamy and Vidya Arulmany. It primarily offers loans to small businesses for working capital needs. Its goal is to help small businesses, particularly those in rural and semi-urban areas, by bridging the credit gap.
Arulmany, an experienced financial services professional who had previously worked for firms like Cholamandalam Finance and Shriram Group, founded Veritas Finance. The aim was to meet the unmet loan needs of the MSME segment in India.
Veritas Finance was founded with the intention of helping MSMEs in India bridge the credit gap, particularly small business owners who were unable to obtain loans from conventional banks because they lacked formal documents, collateral, or credit history.
Veritas Finance: A timeline of operations
2015 – 2016:
Obtained RBI’s approval to start NBFC operations.
Opened corporate headquarters in Chennai and regional offices in Coimbatore and Trichy.
2017: Norwest Venture Partners invested around $30 million to acquire around 15% stake.
2022 – 23: With a stable outlook, credit ratings were raised to CARE A. The company’s loan book surpassed ₹3,500 crore by March 31, 2023.
2023 – 2024:
Raised ₹400 crore from Avendus FLF and Multiples Private Equity.
With a stable outlook, credit ratings were raised to CARE A+.
The company expanded operations to Chhattisgarh and Bihar.
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2024: Acquired a new Certificate of Incorporation on October 23, 2024, and changed its name to Veritas Finance Ltd, a Public Ltd Company.
By June 30, 2024, the branch network expanded to 473 locations.
2025: The company filed a Draft Red Herring Prospectus (DRHP) in January 2025, initiating the process for its initial public offering (IPO) worth ₹2,800 crore.
Naveen Raj R became the Chief Financial Officer on March 3, 2025.
Financial Performance
The company’s loan book grew 28.93% to ₹7,349 crore in FY 2024-25, as per its annual report. With 494 branches spread across 11 states, Veritas Finance’s Assets Under Management (AUM) stood at ₹6,517 Crores by September 2024. The company reported total revenue of ₹1,557.4 crore in FY25, while its net interest income (NII) stood at ₹960.17 crore. The Chennai-based firm’s profit after tax was reported at ₹292.19 crore during the period under review.
The company has been steadily strengthening its capital structure with over ₹1,835 crore in equity money raised since inception.
The NBFC has raised capital from private investors through the equity route, with sizable tranches in FY24 and FY25, making it among Indian startups to hit a $1 billion valuation.
