Varashakti Housing Finance Secures ₹35 Crore Funding from Incofin
- ByStartupStory | July 25, 2023
Varashakti Housing Finance (VHF), a prominent rural housing finance provider based in Chennai, has successfully raised ₹35 crore (US$4.3 million) in funding from Incofin, a Belgium-based impact investment firm. The funding was part of the Series A round under the Incofin India Progress Fund.
The Incofin India Progress Fund, established in 2021 and registered with SEBI as a Category II alternative investment fund (AIF), focuses on promoting impactful investments in India.
Founded by CV Sankar and Sahaana Sankar in 2017, Varashakti Housing Finance specializes in serving the rural affordable housing finance market. The company’s product offerings encompass home loans, small ticket home loans, home improvement loans, small ticket business loans, and loans against property.
Sahaana Sankar, Co-founder, and Director of VHF expressed her enthusiasm about the funding, stating that it will play a pivotal role in enabling the company to expand its business operations, scale up its organizational capacity, and make a greater impact on the lives of the underserved rural segment.
As of June 2023, Varashakti Housing Finance’s assets reached ₹119 crore, with a network of 28 branches. The company aspires to achieve an Assets Under Management (AUM) of ₹1,750 crore within the next five to seven years.
With the support of Incofin’s investment, Varashakti Housing Finance remains dedicated to its mission of empowering rural communities with accessible and affordable housing finance solutions.
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