Altum Credo Secures $40 Million in Series C Funding Round Led by Z3 Partners and Oikocredit

• ByStartupStory     |    April 19, 2024

Pune-based digital housing finance company, Altum Credo, has successfully closed its Series C funding round, raising a significant $40 million. The funding round was led by Z3 Partners and Oikocredit, with participation from British International Investment and returning investors Aavishkaar Capital, Amicus Capital, and PS Pai and family.

Altum Credo disclosed that the funding was structured as a mix of primary and secondary transactions, with $27 million secured in equity, accompanied by a partial exit of $13 million by early investors. The transaction was skillfully advised by Unitus Capital.

This substantial infusion of capital marks a pivotal moment for Altum Credo as it sets its sights on further expansion. The company plans to utilize the funds to bolster its distribution network and extend its operational footprint across central and northern India.

Commenting on the significance of the funding round, Vikrant Bhagwat, Managing Director and CEO of Altum Credo, remarked, “As India traverses towards being a $5 trillion economy, access to affordable housing finance has immense potential to contribute towards this growth. This Series C fundraise is a critical milestone for the next phase of sustainable growth and will strengthen our balance sheet enabling effective leverage and sound ALM. The company will enhance its distribution network and expand operations in central and northern India.”

Established in 2017 by Vikrant Bhagwat, Ganesh Rao, and Ashish Tewari, Altum Credo specializes in offering home loans to unserved and underserved segments, particularly targeting first-time homeowners. The company boasts an asset under management of Rs 830 crore as of March 2024, with a significant portion of its clientele hailing from economically weaker sections and low-income groups.

Rishi Maheshwari, Managing Partner at Z3 Partners, expressed confidence in Altum Credo’s trajectory, stating, “Vikrant, backed by a seasoned management team, has a stellar track record in financial services and has set in place a strong playbook to scale existing operations. We believe the company is at an inflection point, where physical and digital infrastructure comes together to provide industry-leading operational metrics. This investment fits into our core thesis of technology being a catalyst to financially empower the underserved segment of Bharat while also building businesses in a profitable and scalable manner.”

Currently, Altum Credo operates across six states, including Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Rajasthan, offering digital-led underwriting service delivery. With a customer base exceeding 11,000, the company is poised for further growth and impact in the affordable housing finance sector.

Follow Startup Story