Comments
Housing loan provider Ummeed Housing Finance Pvt. Ltd has raised a Series F funding equity round of $76 million, or about ₹630 crore, from A91 Partners LLP, Mirae Asset Venture Investments (India), and Anicut Capital. Existing investor Norwest Venture Partners also participated in the round.
The primary capital will drive the company’s expansion in central and southern India.
The latest funding round, which includes nearly ₹300 crore in primary capital, also marked the exit of Lightrock Global Fund S.A., an investor in Ummeed Housing Finance since 2018. Other significant investors in the company include founder Ashutosh Sharma, Morgan Stanley, and CX Partners.
With this latest fundraise, Ummeed has raised $150 million to date.
The Gurugram-based company provides affordable housing loans and secured small-ticket business loans to self-employed individuals in the low and middle-income categories. It has a network of 115 branches (tier 2, 3 and 4 locations) in northern and central India.
The company claims to have disbursed loans amounting to ₹2,840 crore to over 35,000 underserved customers since its inception and has an AUM of over ₹1,800 crore as of May 2024.
The company received an upgrade in its credit rating from CARE, moving from ‘A-’/stable to ‘A’/stable. This improvement in rating underscores the company’s solid financial health and growth prospects.
It has a robust liability franchisee with access to 31 diverse lenders, including NHB, 8 PSU banks, 14 Private sector banks, and 3 DFIs, including the United States International Development Finance Corporation.
“We welcome our new partners – A91 who are catalysing Indian entrepreneurs in the consumer, technology, and financial services space and Mirae, Asia’s leading asset manager who are investing through their India focused fund. Existing investor Norwest Venture Partners also re-invested in this round showcasing trust and believing in the vision of Ummeed,” said Ashutosh Sharma, Founder & MD of Ummeed Housing Finance.
“With this equity infusion, we are well-positioned to execute our ambitious growth plan, focusing on housing loans and small ticket business loans for informal income segments, steadily building a granular portfolio that reflects our staunch commitment to inclusive financial solutions,” he added.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.