BENGALURU: Housing finance firm, Altum Credo, on Monday stated it has raised ₹88 crore, or roughly $12 million, in recent fairness funding led by development fund Amicus Capital.
Present buyers Aavishkaar Capital and PS Pai & household, additionally participated within the funding spherical.
In line with the corporate it is going to use the proceeds from the present fund elevate to strengthen its expertise platform and scale the enterprise. The corporate goals to reinforce utilization of expertise throughout varied features of operations together with origination, evaluation and monitoring of loans because it shifts in the direction of additional digitising processes.
Seven-year-old Altum Credo supplies housing finance to economically weaker and low-income group classes which have historically confronted challenges in accessing credit score from formal channels.
“This funding spherical offers us a transparent visibility to increase our operations within the six states the place we’re at the moment current and improve our expertise platforms to offer residence loans to the low-income inhabitants phase aspiring to be first-time residence patrons. This additionally permits us to reinforce and diversify our borrowing combine, construct leverage which can facilitate our subsequent part of development,” stated Vikrant Bhagwat, managing director & chief working officer, Altum Credo.
As of now, Altum has a community of 30 branches unfold throughout Maharashtra, Telangana, Tamil Nadu, Karnataka, Rajasthan, and Andhra Pradesh.
“Altum has all the correct constructing blocks in place – robust programs, well-entrenched processes, and a administration crew that has in depth expertise in scaling monetary providers companies. The corporate is nicely positioned to capitalise on the secular decadal development alternative within the Indian housing finance market by utilizing expertise to cut back friction. We’re excited to accomplice with Altum and are dedicated to supporting the Firm on this part of hyper development,” stated Mahesh Parasuraman, co-founder and accomplice, Amicus Capital.
Amicus Capital is at the moment investing out of its first fund price ₹625 crore (round $88 million) and is targeted on funding alternatives throughout monetary providers, shopper, healthcare and expertise.
“The Altum crew has been in a position to reveal resilience regardless of troublesome market circumstances. They’ve finest at school portfolio high quality and are nicely poised for development stemming from the demand for first houses within the reasonably priced phase. We at Aavishkaar are excited to again the Altum crew on this journey,” stated Sushma Kaushik, accomplice, Aavishkaar Capital.
Supply: Live Mint