Norwest Leads INR 310 Cr Investment in Vridhi Home Finance to Drive Affordable Housing The platform aims to deploy the raised funds to accelerate expansion in existing markets and enhance its technology infrastructure.
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Vridhi Home Finance, a Bengaluru-based, tech-enabled housing finance company, has secured INR 310 crore in a Series B funding round led by Norwest Venture Partners, with support from Elevation Capital and the company's founders.
This funding will accelerate Vridhi's expansion in current markets while bolstering its technology infrastructure, with recent progress made in its digital onboarding system to enhance customer experience.
Sunku Ram Naresh, Founder, MD, and CEO of Vridhi, said, "Our mission extends beyond just providing loans—we want to become the trusted financier of choice for underserved self-employed and informal income customers, helping them achieve their dream of home ownership."
"By establishing an omnichannel presence and ensuring exceptional service delivery through our phygital model, we are making home ownership accessible to traditionally underserved segments," he added.
Since its founding in 2022, Vridhi has grown rapidly, now managing assets over INR 200 crore with 51 branches across Karnataka, Andhra Pradesh, Rajasthan, Madhya Pradesh, and Telangana. Catering to underserved markets, the company aims to offer home loans between INR 3 lakh and INR 45 lakh, focusing on semi-urban and rural areas in India.
Nikhil Kookada, Principal at Norwest Venture Partners, commended Vridhi's founders for their experience in building the affordable housing finance sector in India. "Norwest has a rich history of partnering with visionary entrepreneurs...we are thrilled to support Vridhi as they drive financial inclusion for more Indians," he said.
