Housing finance company Weaver Services has announced the acquisition of Capital India Home Loans for ₹267 crore. To finance this acquisition and expansion, Weaver is raising capital from private equity funds, including Gaja Capital and Lok Capital, to secure up to ~₹800 crore in funding.
Upon securing the necessary regulatory approvals and completing the acquisition, Weaver will launch a suite of home loan products tailored specifically for Indian citizens.
The company aims to focus primarily on self-employed individuals in the unorganised sector, particularly in Tier 2 and Tier 3 towns and women.
WEAVER consists of HDFC employees, led by Satrajit Bhattacharya, who headed the Investments and M&A function at HDFC. Following the acquisition, Satrajit will assume a non-executive role, continuing to guide the company’s strategic vision.
Keki Mistry, former Vice Chairman and CEO of HDFC Limited said, “I am happy to see a team of former colleagues and partners unite to establish a housing finance company dedicated to addressing the needs of an underserved segment of society. This initiative will be pivotal in meeting the urgent housing requirements of lower-income and Economically Weaker Section (EWS) groups.”
