Housing finance NBFC Altum Credo raises Rs 170 Cr from British International Investment
The non-deposit-taking housing finance company focuses on first-time homeowners in the low-income segments and has served more than 15,000 customers across six states in southern and western India.
Altum Credo Home Finance Pvt Ltd has received a Rs 170 crore equity investment from existing backer British International Investment (BII) to fund expansion in existing geographies and strengthen its affordable housing finance franchise.
Altum Credo, which is registered with the Reserve Bank of India as an NBFC–HFC, specialises in lending to informal and semi-formal income segments in urban and semi-urban areas. The non-deposit-taking housing finance company focuses on first-time homeowners in the low-income segments and has served more than 15,000 customers across six states in southern and western India. It has assets under management exceeding Rs 1,000 crore.
BII is the United Kingdom’s development finance institution and impact investor. Altum Credo plans to channel BII’s funds towards increasing credit access—primarily for women borrowers—for home construction and improvements, and to bolster its technology infrastructure and digital service delivery.
“We greatly value the continued support and confidence shown by British International Investment through this fresh equity infusion. This investment further strengthens our balance sheet for long-term sustainable impactful growth journey and our commitment to cater meaningfully to the large unmet demand for affordable housing finance in India," said Vikrant Bhagwat, MD and CEO of Altum Credo.
Shilpa Kumar, BII, MD and Head of India, said, “We are continuing our investment with Altum as it aligns with BII’s commitment to inclusive growth by expanding access to affordable housing finance for communities across India.
"Through this partnership, Altum is enabling low-income households, especially women, to access safer, more secure homes and essential services. As part of our broader climate and impact strategy, we view housing as a critical enabler of resilience and long-term development.”
BII invests in more than 1,600 businesses across about 70 countries. At least 30% of its 2022–2026 commitments will be in climate finance, said BII.
Housing finance companies are drawing renewed investor interest of late. Last week, Weaver Services, a technology-led housing finance platform, raised $170 million in a round led by Lightspeed and Premji Invest, with participation from Gaja Capital. The funds will go towards asset acquisitions, technology, and expansion into Tier II and III cities.
Edited by Swetha Kannan