Altum Credo Home Finance Private Limited, a non-deposit-taking affordable housing finance company, has raised nearly $19.5 million (Rs 170 crore) from the UK’s development finance institution and impact investor British International Investment (BII).
BII is already an investor in Altum Credo.
The new funding will support Altum Credo to further expand operations within its existing geographies in India, the company said in a statement.
Altum Credo focuses on financing needs of first-time homeowners belonging to low-income segments, who largely remain underserved by long-term home finance. To date, the company claims to have served over 15,000 customers in six states covering southern and western India with AUM in excess of Rs 1,000 crore.
BII’s funds are expected to increase credit access to low-income, majority women customers for the purpose of home construction and improvements. This in turn is expected to improve access to basic services such as sanitation, electricity, and safety as well as and asset ownership of households, said the statement.
“This investment further strengthens our balance sheet for long-term sustainable impactful growth journey and our commitment to cater meaningfully to the large unmet demand for affordable housing finance in India,” said Vikrant Bhagwat, MD/CEO of Altum Credo.
Last April, the company had raised $40 million in its Series C funding round led by Z3Partners and Oikocredit. The financing also saw participation from BII, Aavishkaar Capital, Amicus Capital, and PS Pai & family.
