Shubham Housing Developing Finance secures $112 million in funding from BII and others
- ByStartupStory | June 30, 2022
Shubham Housing Development Finance Company, a mortgage lender, announced that it had raised $112 million in a round that was jointly led by British International Investment, LeapFrog Investments, the Asian Development Bank, and existing investors Premji Invest.
LeapFrog, ADB, and UK’s BII (previously CDC Group) will all inject $78 million in primary capital into the company as part of the deal. Additionally, LeapFrog and Azim Premji-owned PE Premji Invest will purchase a full share from US-based Elevar Equity, signalling the end of the company’s investment, as well as a portion of a stake from Motilal Oswal.
For this transaction, Shubham and the selling stockholders received financial advice from Nomura Financial Advisory and Securities India. Sanjay Chaturvedi, co-promoter and CEO of Shubham, stated, “We will use the funding to assist take the firm to the next level.”
Shubham Housing Development Finance is seeking expansion funding from international private equity companies and others in the amount of up to $63.3 million. Shubham Housing Development Finance, which was founded in 2011 by Chaturvedi and Rupa Basu, claims to be one of the nation’s fastest-growing affordable housing lenders, with assets under management reaching Rs 2,410 crore spread over 9 states and 100 branches.
Rupa Basu, co-promoter and executive director of Shubham said, “Shubham is a premier home financing provider in India, and via our solutions, we have had an impact on more than 61,000 households and 140,000 people. We look forward to working with these outstanding investors to drive Shubham.”
Michael Fernandes, senior partner at LeapFrog stated, “Providing clean water and increasing sanitation depend on having access to decent housing. The company is dedicated to assisting Shubham in realising his goal of assisting thousands of low-income Indian families to achieve house ownership for the first time.”
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