Altum Credo, a housing finance company, has acquired a fresh equity investment from Amicus Capital, a growth fund, worth Rs 50 crore ($6.7 million). Existing investors Aavishkaar Capital and PS Pai and family contributed Rs 19 crore ($2.5 million) each, bringing the total round size to Rs 88 crore ($12 million).
Altum was founded by Vikrant Bhagwat, Ganesh Rao, and Ashish Tewari in 2014. It has 30 branches throughout Maharashtra, Telangana, Tamil Nadu, Karnataka, Rajasthan, and Andhra Pradesh, with more on the way. As an affordable home finance organisation, it concentrates on the economically disadvantaged and low-income groups, who have traditionally had difficulty obtaining credit through traditional channels.
Vikrant Bhagwat, MD and CEO, Altum Credo said,“This funding round gives us a clear visibility to expand our operations in the six states where we are currently present and enhance our technology platforms to provide home loans to the low-income population segment aspiring to be first-time home buyers. This also allows us to enhance and diversify our borrowing mix, build leverage which will facilitate our next phase of growth.”