New Delhi, July 8 -- Real-estate focussed investment firm WSB Partners has made a structured debt investment of Rs 75 crore (around $7.9 million) in Bengaluru-based real estate developer Sowparnika Projects, the company said in a statement.
The funding is intended to support Sowparnika's expansion plans in Bengaluru, Karnataka, and will be primarily utilised as growth capital.
Over the last four years, WSB has deployed more than Rs 500 crore across six transactions with Sowparnika, covering six residential projects. The projects are concentrated in the mid-income housing segment across Bengaluru and other southern markets.
The deal marks WSB's ninth investment in Sowparnika. WSB takes debt funding exposure in developers of mid-income and affordable housing projects across tier I and select tier II cities in India.
"This investment reflects our continued approach of backing developers with an established execution track record in the mid-income housing segment," said Rahul Rajendran, principal - investments, WSB Partners.
Sowparnika operates in the mid-income housing segment across southern India. Since inception in 2003, the company claims to have completed 70 projects, delivered more than 7,600 homes, and developed approximately 7.1 million square feet of residential space. Headquartered in Bengaluru, Sowparnika has a strong presence across Karnataka, Kerala, and Tamil Nadu.
"WSB Partners has been a long-term capital partner. This investment strengthens our financial flexibility and supports our growth plans in Bengaluru, where demand for mid-income housing remains steady," said Ramji Subramaniam, managing director, Sowparnika Projects.
WSB Partners has committed approximately Rs 4,000 crore in capital across over 75 real estate investments since inception in 2013. WSB Partners is backed by the family offices of Allcargo Group, Navneet Education Limited, Mahavir Agency and Basoil Advisory.
Recently, the firm invested Rs 75 crore in public-listed developer Omaxe Group's residential plotted projects in Ujjain and Indore to fund growth capital, working capital and reserves.
Also, as reported by VCCircle, the senior management team of WSB Partners - Kaushik Desai, Vinit Prabhugoankar and Vimal Jangla - recently moved out to join Neo Asset Management.
Published by HT Digital Content Services with permission from VC Circle.