Vridhi Home Finance bags Rs 310 Cr in Series B funding round led by Norwest Venture Partners
The company plans to use the capital to accelerate expansion in existing markets and enhance its technology infrastructure.
, a tech-enabled housing finance company, has raised Rs 310 crore in a Series B funding round led by Norwest Venture Partners. Elevation Capital and the company's founders also participated in the round.
The company plans to use the capital to accelerate expansion in existing markets and enhance its technology infrastructure. It has completed phase 1 of its digital onboarding system, ensuring seamless customer experiences.
“Our mission extends beyond just providing loans – we want to become the trusted financier of choice for underserved self-employed and informal income customers, helping them achieve their dream of home ownership," said Sunku Ram Naresh, Founder, MD & CEO of Vridhi Home Finance.
"By establishing an omnichannel presence and ensuring exceptional service delivery through our phygital model, we are making home ownership accessible to traditionally underserved segments,” he added.
Vridhi Finserv Home Finance Limited was established in 2022 in Bengaluru. It has expanded to 51 branches across Karnataka, Andhra Pradesh, Rajasthan, Madhya Pradesh, and Telangana and and has assets under management of over Rs 200 crore. The company aims to serve the underserved markets in India by offering home loans ranging from Rs 3 lakh to Rs 45 lakh.
“Norwest is delighted to partner with Ram, Sandeep, Sunil and the Vridhi team as they build a differentiated, tech-enabled affordable housing finance institution for semi-urban and rural India, helping Indian families achieve their dream of first home ownership," said Nikhil Kookada, Principal at Norwest Venture Partners.
"Vridhi’s founding team has played a pivotal role in laying the foundations of the affordable housing finance industry in India and built two highly successful zero-to-one journeys in the last 2 decades. Norwest has a rich history of partnering with visionary entrepreneurs, possessing deep domain experience, and we are thrilled to support Vridhi as they drive financial inclusion for more Indians,” he added.
Edited by Swetha Kannan