Investment giants Premji Invest and Lightspeed pour $170 million into housing finance service provider Weaver Services.

Weaver Services, a pioneering housing finance company, has announced that it has raised $170 million in a funding round, led by Lightspeed and Premji Invest. The investment will accelerate Weaver's asset acquisition, fund technology development, and expand its reach.

Anil Kothuri, the Co-Founder and CEO of Weaver Services, expressed his vision for the company. He believes that there is a clear opportunity to use technology to offer home loans to the informal segment, while achieving better customer selection, superior risk management, and enhanced productivity.

The investment comes as Lightspeed views India's housing finance market as under-penetrated and sees it as a tremendous opportunity for Weaver Services. Anuvrat Jain, Principal - Growth Investments at Lightspeed, stated that Weaver's combination of deep domain expertise, AI-driven capabilities, and a tech-first approach positions them to democratize home ownership for millions of underserved Indians.

Saravanan Nattanmai, Partner at Premji Invest, echoed similar sentiments, stating that the acquisition of Capital India Housing Finance by Weaver Services marks an important first step toward delivering frictionless, scalable, and inclusive mortgage solutions for underserved segments.

Weaver Services has already made a significant move in this direction by acquiring Capital India Housing Finance as an anchor asset. The company is currently evaluating assets for further acquisition for initial scale, although the exact names of these assets remain undisclosed.

Satrajit Bhattacharya, an industry veteran with three decades of experience at HDFC Ltd, is leading Weaver's transformation. He stated that the company aims to make housing finance more accessible to the people of India by leveraging technology and placing customers at the center. The platform aims to serve India's underserved affordable housing segment, with a focus on self-employed individuals.

The funding round also saw participation from Gaja Capital. Lightspeed partners with bold, visionary founders with conviction to build extraordinary category-leading companies. Premji Invest sees a significant opportunity to leverage technology to transform the affordable housing finance sector in India.

With these investments and strategic moves, Weaver Services is well-positioned to build a next-generation housing finance platform, revolutionizing home loans for the underserved segments of India.

Investment giants Premji Invest and Lightspeed pour $170 million into housing finance service provider Weaver Services.