Altum Credo Home Finance, a non-deposit-taking affordable housing finance company, has raised ₹170 crore in equity funding from its existing investor, British International Investment (BII), the UK’s development finance institution and impact investor.
The fresh funds raised will be used to further expand its operations within its existing geographies in India.
The investment will help increase credit access to low-income, majority women customers for home construction and improvements, which will, in turn, improve access to basic services, such as sanitation, electricity, and safety, as well as asset ownership of households.
The investment will also help to further strengthen its IT infrastructure, enhancing operational efficiency and controls, customer experience, and digital service delivery.
Founded in 2016, Altum Credo provides credit for purchase, construction and refinance of home loans registered with the National Housing Bank of India. It targets first time home buyers, customers looking to construct their own houses, economically weaker sections and low-income groups, new to credit and women home buyers. It specialises in underwriting retail credit products with immovable property as the underlying collateral.
The company focuses on home finance need of first-time homeowners belonging to low-income segments, who largely remained underserved with long-term home finance. To date, the company has served over 15,000 customers in six states covering southern and western India with AUM in excess of ₹1,000 crore.
Vikrant Bhagwat, MD/CEO of Altum Credo, said, “We greatly value the continued support and confidence shown by British International Investment through this fresh equity infusion. This investment further strengthens our balance sheet for long-term sustainable impactful growth journey and our commitment to cater meaningfully to the large unmet demand for affordable housing finance in India.”
Shilpa Kumar, BII, MD and Head of India, said, “We are continuing our investment with Altum as it aligns with BII’s commitment to inclusive growth by expanding access to affordable housing finance for communities across India. Through this partnership, Altum is enabling low-income households, especially women, to access safer, more secure homes and essential services. As part of our broader climate and impact strategy, we view housing as a critical enabler of resilience and long-term development.”
