Altum Credo, the housing finance company raises funding of $12 million
- ByStartupStory | November 23, 2021
The main USP of Alton credo is in its proposal of providing housing finance for the economically weaker section, which conventionally faces challenges acquiring credit from the Institutional sector. The company, on Monday said it has raised ₹88 crore, or roughly $12 million, in fresh equity funding led by growth fund Amicus Capital.
According to the company , it will use the financing to strengthen its technological equipment and scale the business across various platforms.“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,” said Vikrant Bhagwat, managing director & chief operating officer, Altum Credo.
“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 businesses. 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. We are excited to partner with Altum and are committed to supporting the Company in this phase of hyper growth,” said Mahesh Parasuraman, co-founder and partner, Amicus Capital.
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