Altum Credo Home Finance Secures Rs 170 Crore for Expansion
Altum Credo Home Finance, a non-deposit-taking entity focusing on affordable housing finance, has successfully raised Rs 170 crore (approximately $19.5 million) in equity from its ongoing supporter, British International Investment (BII), which is the development finance institution and impact investor from the UK. Recent reports from Startup Superb highlighted the forthcoming funding round for Altum Credo.
In April of the previous year, Altum Credo acquired $40 million through a combination of primary and secondary transactions, led by Z3Partners and Oikocredit. As indicated by various sources on a startup data intelligence platform, the Pune-based firm has, to date, raised a total of $80 million.
The newly acquired funds will bolster Altum Credo’s balance sheet and facilitate its expansion within its current operational regions across southern and western India. Established in 2016, Altum Credo operates on a business model that emphasises providing long-tenure home loans to clients earning informal or semi-formal incomes in urban and semi-urban areas. The company integrates a technology-enabled origination and underwriting process with a robust on-ground presence to mitigate operational challenges and enhance borrower access.
To date, the company asserts that it has served over 15,000 customers in six states, with assets under management (AUM) surpassing Rs 1,000 crore.
For the fiscal year ending March 2024, Altum Credo reported an impressive 67% increase in operating revenue, reaching Rs 112.87 crore, while its profits more than doubled to Rs 20 crore during the same timeframe.
Recently, Weaver Services, a technology-focused housing finance platform, raised $170 million in a funding round spearheaded by Lightspeed and Premji Invest. With this latest financial boost, Altum Credo aligns itself with other significant transactions in the sector, including Vastu Housing’s $100 million funding round backed by Prosus and Easy Home Finance’s $35 million round led by Ranjan Pai’s family office, among other investors.
