Housing finance platform Weaver Services on Tuesday announced that it has raised $170 million in a funding round led by Lightspeed and Premji Invest.
Gaja Capital also participated in the round, the Mumbai-based startup said in a statement.
The investment will accelerate Weaver’s asset acquisition, fund technology development, and expand reach across tier-2 and tier-3 cities.
“We aim to make housing finance more accessible to the people of India by leveraging technology and placing customers at the centre of our focus thereby bringing in a new paradigm in the space,” said Satrajit Bhattacharya, founder and Vice Chairman of Weaver Services.
Earlier, Weaver acquired Capital India Housing Finance as an anchor asset for the platform. It is likely to acquire another asset for initial scale and is currently evaluating a few assets for this purpose.
“There is a clear opportunity to use technology mindfully to offer home loans to the informal segment while achieving better customer selection, superior risk management, and enhanced productivity,” said Anil Kothuri, MD and CEO of Weaver Services.
Weaver Services, started by Satrajit Bhattacharya, a former HDFC Limited veteran, is building a housing finance platform through use of technology and AI-driven workflows, to serve India’s vast underserved affordable housing segment with a focus on self-employed individuals.
Lightspeed, a global multi-stage investment firm with over $30 billion in assets under management, believes Weaver could potentially reshape India’s housing finance market across tier 1, 2 and 3 cities.
“We believe that India’s housing finance market remains under-penetrated, and we see it as a tremendous opportunity. Weaver’s combination of deep domain expertise, AI-driven capabilities, and a tech-first approach that positions them to democratise home ownership for millions of underserved Indian,” said Anuvrat Jain, Principal – Growth Investments, Lightspeed.
Lightspeed invests across venture to late-stage growth in areas such as AI, enterprise, financial services, consumer, health, and B2B. Globally, the firm has invested in more than 500 companies, including Anthropic, Affirm, Anduril, Epic Games, Nutanix, Snapchat, AppDynamics, MuleSoft, Rubrik, Wiz, Oyo, Zepto, Udaan, Razorpay, PocketFM, Physicswallah and many others.
Meanwhile, Premji Invest’s investments include early stage, growth equity and buyouts and focus areas span financial services, technology, consumer, industrials, and healthcare.
