MUMBAI, Aug. 19 -- Weaver Services, a tech-first housing finance platform focused on affordable housing in India, has raised $170 million in a funding round led by Lightspeed and Premji Invest.

The company said it will use the proceeds for acquisitions, technology development, and expanding its presence across tier-2 and tier-3 cities. The round comes amid a flurry of fundraises in the sector over the past year, including by Vastu Housing Finance, Nivara Home Finance, and Ummeed Housing Finance.

As part of its growth strategy, Weaver is evaluating additional acquisitions to build scale. The firm had earlier acquired Capital India Housing Finance as its anchor asset.

"Our aim is to make housing finance more accessible by leveraging tech...