BII Backs Housing Finance NBFC Altum Credo With INR 170 Cr Equity The fresh infusion is expected to strengthen the company's balance sheet and aid its expansion across southern and western India, where it already has a presence.
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Altum Credo Home Finance, a Pune-based affordable housing finance company, has secured INR 170 crore (around USD 19.5 million) in equity funding from British International Investment (BII), the UK's development finance institution and impact investor. The company is a non-deposit-taking housing finance player focused on underserved urban and semi-urban borrowers.
The fresh infusion is expected to strengthen the company's balance sheet and aid its expansion across southern and western India, where it already has a presence.
Founded in 2016, Altum Credo primarily provides long-tenure home loans to customers with informal or semi-formal income profiles. Its model combines a technology-led origination and underwriting process with an extensive field network to address gaps in credit access.
According to data from TheKredible, Altum Credo has raised close to USD 80 million in total funding so far. In April 2023, the lender secured USD 40 million through a mix of primary and secondary transactions led by Z3Partners and Oikocredit.
The company said it has served more than 15,000 customers across six states, with assets under management exceeding INR 1,000 crore. In the financial year ending March 2024, Altum Credo reported a 67 percent growth in operating revenue to INR 112.87 crore, while its net profit more than doubled to INR 20 crore.
The funding comes at a time when activity in the housing finance sector is gaining momentum. Weaver Services raised USD 170 million last week, while Vastu Housing and Easy Home Finance also closed sizeable funding rounds earlier this year.
