Altum Credo Home Finance has secured equity funding from British International Investment to expand its reach in affordable housing finance within India’s housing finance sector, providing long-term credit access to underserved urban and semi-urban borrowers.

Altum Credo Home Finance has raised $19.5 million (INR 170 crore) in equity funding from British International Investment (BII), the UK’s development finance institution and impact investor. This non-deposit-taking affordable housing finance company, based in Pune, plans to use the fresh capital to strengthen its balance sheet and drive deeper penetration in southern and western India.

Since its founding in 2016, Altum Credo Home Finance has focused on affordable housing finance for customers with informal or semi-formal incomes. By combining equity funding with a technology-enabled origination and underwriting model, it reaches urban and semi-urban households that traditional banks often overlook. This latest round underscores growing global interest in India’s housing finance sector.

Growth Story in Numbers of Altum Credo

Altum Credo’s portfolio has already surpassed INR 1,000 crore in assets under management, with more than 15,000 customers across six states. The company reported a 67 percent rise in operating revenue to INR 112.87 crore in the fiscal year ending March 2024, while net profit more than doubled to INR 20 crore. With new equity funding, Altum Credo Home Finance aims to accelerate its expansion and enhance access to credit for underserved families.

The equity funding marks a pivotal step at a time when India’s housing finance sector is witnessing rapid momentum. Weaver Services raised $170 million just last week, while Vastu Housing and Easy Home Finance closed large rounds earlier this year.

Altum Credo Home Finance, through its affordable housing finance model, positions itself strongly to compete in this expanding market and further extend financial inclusion.

British International Investment’s renewed commitment underscores the importance of equity funding in bolstering affordable housing finance across India. With urbanization on the rise and demand for long-tenure home loans growing, India’s housing finance sector continues to attract domestic and global investors eager to tap into its growth potential.

Altum Credo Home Finance stands at the center of this shift, leveraging capital and technology to bring stability and opportunity to families outside the mainstream financial system.

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