Altum Credo, an affordable housing finance company driven by technology and backed by Z3Partners and Oikocredit has raised $40 million in its Series C funding round.
Aavishkaar Capital, Amicus Capital, and PS Pai & family, as well as British International Investment, the UK’s development finance institution and impact investor, also contributed to the financing, the business stated in a statement.
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According to a statement, the firm intends to use the money raised from the current fundraise to grow its AUM by improving its distribution network and growing its operational footprint.
“As India traverses towards being a $5-trillion economy, access to affordable housing finance has immense potential to contribute towards this growth. This Series C fundraise is a critical milestone for the next phase of sustainable growth and will strengthen our balance sheet, enabling effective leverage and sound ALM. The company will enhance its distribution network and expand operations in central and northern India,” said Vikrant Bhagwat, (Founder) MD & CEO, Altum Credo.
Altum Credo, which was granted a housing finance license in June 2017, focuses on first-time homebuyers and the mainly unrealized potential of underserved and unserved demographics. Its clientele is made up of a mixture of low-income individuals who work as self-employed small- and medium-sized business owners and salaried clients.
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93% of the company’s customers fall into the economically weaker part or low-income group category, and as of Mar. 24, its AUM was Rs. 830 crore. The house loan portfolio has an average ticket size of Rs 8.5 lakh and an average duration of 15 years.
In 2018, Altum Credo raised $9.8 million for Series A equity investment, and in 2021, it raised $12 million for Series B equity funding. The most recent deal’s exclusive financial advisor was Unitus Capital.
About Altum Credo
Altum Credo Home Finance Private Limited a home finance company is registered by The National Housing Bank . The principal aim of Altum Credo is to provide to the home financing requirements of the Low and Medium Income Group consumer segment.
