New Delhi, Aug. 25 -- British International Investment (BII), the development finance arm of the UK government, has topped up its investment in portfolio firm Altum Credo Home Finance Pvt Ltd by investing Rs 170 crore ($19.4 million).
The investment will help expand the non-banking finance company's operations in India, particularly into the southern and western parts of the country, said a statement issued by the company.
In April 2024, the Pune-based affordable housing lender had bagged $40 million in a Series C round, led by new investors Z3 Partners, Oikocredit as well as BII. Existing backers such as Aavishkar Capital, Amicus Capital and PS Pai & Family had also participated in the round then.
"We are continuing our investment with Altum as it aligns with BII's commitment to inclusive growth by expanding access to affordable housing finance for communities across India," said Shilpa Kumar, MD and Head of India at BII said.
Altum Credo offers affordable housing finance to the unserved and under-served segments and has already targeted over 15,000 first-time homeowners from low-income segments. Currently, Altum Credo has an AUM (asset under management) exceeding Rs 1,000 crore.
Apart from increasing credit access to low-income and women customers, the funding will also go towards strengthening the firm's IT infrastructure, and enhancing operational efficiency and controls, customer experience, and digital service delivery.
"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, managing director and chief executive officer of Altum Credo.
Published by HT Digital Content Services with permission from VC Circle.