British International Investment Increases Stake in Altum Credo with New Investment

British International Investment (BII) is set to invest an additional Rs 70 crore ($8.2 million) in the housing finance firm Altum Credo. This follows a previous investment of Rs 100 crore reported last month by Startup Superb. According to documents submitted to the Registrar of Companies (RoC), the board of Altum Credo approved the issuance of 40,46,243 Series C1 CCPS at Rs 173 per share to British International Investment, thereby raising Rs 70 crore.

Currently, British International Investment holds a 9.04% stake, which will rise to 12.55% after this funding, as per the regulatory disclosure. Aavishkaar Capital continues to be the largest shareholder in Altum Credo, with a 14.27% stake. The funds obtained from this investment will be directed towards expanding the lending operations and geographic reach of the company, as noted in the filing.

In April of the previous year, Altum Credo secured $40 million through a combination of primary and secondary transactions, led by Z3Partners and Oikocredit. Various data intelligence platforms report that the Pune-based firm has raised a total of $80 million to date. Startup Superb anticipates that the company’s valuation will hit Rs 1,777.5 crore (around $209 million) following the allotment.

Founded in 2016, Altum Credo specializes in providing housing finance to economically disadvantaged and low-income groups, offering home loans between Rs 4 lakh and Rs 40 lakh with terms ranging from 5 to 20 years. The company primarily targets first-time homebuyers in semi-urban and rural areas of India.

For the fiscal year ending March 2024, Altum Credo reported a remarkable 67% increase in operating revenue, reaching Rs 112.87 crore. During the same period, its profit more than doubled to Rs 20 crore.