Technology-driven housing finance company Altum Credo raises INR 170 crore to extend its services
Altum Credo, a Fintech company based in Pune, has secured approximately $48.6 million in its Series C funding round in April 2024. The funding round was led by British International Investment (BII), with the total amount raised by the company since its inception reaching around $62 million.
Founded in 2016 by Ashish Tiwari and two other individuals, Altum Credo operates in the housing finance sector and claims to have served more than 15,000 customers in six states. The company's assets under management (AUM) exceed INR 1,000 crore.
The housing finance market in India is experiencing growing interest among investors, as consumers increasingly prefer purchasing properties on an instalment basis. According to projections, the market is set to grow at a 15-16% compound annual growth rate (CAGR) to reach INR 77,00,000-81,00,000 crore ($886.1-932.3 billion) by 2029-30.
The funds raised by Altum Credo will be used to scale up its operations across India and expand credit access for low-income customers, primarily women, for home construction and renovation. This move aligns with the company's mission to democratise access to affordable housing finance.
Prior to Altum Credo's funding round, Bengaluru-based NBFC Vridhi Home Finance secured INR 310 crore from Norwest Venture Partners and Elevation Capital in October 2023. The fresh funds will also help Vridhi Home Finance expand its services and cater to the growing demand for housing finance in the country.
The growing interest in the housing finance sector from investors underscores the potential for growth in this market. With the right strategies and funding, companies like Altum Credo and Vridhi Home Finance are poised to make a significant impact on India's housing landscape.
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