Altum Credo Raises INR 88 CroreThe funds will be utilized to strengthen its technology platform and scale business
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Altum Credo, a housing finance company, has received fresh equity investment of INR 50 crore from Amicus. Existing investors, Aavishkaar Capital and PS Pai and Family, also participated with investments worth INR 19 crore each, taking the round size to INR 88 crore.
Altum was founded in 2014 by Vikrant Bhagwat along with Ganesh Rao and Ashish Tewari. It has a network of 30 branches spread across the states of Maharashtra, Telangana, Tamil Nadu, Karnataka, Rajasthan and Andhra Pradesh. Being an affordable housing finance company it focuses on the economically weaker and low-income group categories, said a statement.
The funds will be utilized to strengthen its technology platform and scale business.
"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 and build leverage which will facilitate our next phase of growth," said Vikrant Bhagwat, managing director and CEO of Altum Credo, in the statement.
"Altum has all the right building blocks in place - strong systems, well-entrenched processes and a management team that has extensive experience in scaling financial services. The company is well positioned to capitalise on the secular decadal growth opportunity in the Indian housing finance market by using technology to reduce friction," said Mahesh Parasuraman, co-founder and partner, Amicus Capital.
