Vridhi Home Finance, a tech-enabled brick and mortar housing finance company, has raised Rs 150 crore in a Series A round led by Elevation Capital. This is the maiden fundraise for the company.
The funds will be deployed towards geo-expansion in North Karnataka and Andhra Pradesh, strengthening the tech stack, hiring, and building a liability franchise, the company said in a press release.
Vridhi also received its NBFC – HFC license earlier this year and has opened twenty branches across Karnataka and Andhra Pradesh since then.
Founded in 2022 by Sunku Ram Naresh, Sandeep Arora and Sunil Mehta, Vridhi aims to create a channel for secured housing loans, serving salaried and self-employed individuals in tier II and III cities across India. The firm focuses on providing loans with an average ticket size of Rs 6-8 lakhs to the salaried and self-employed, who previously faced challenges in accessing formal credit.
Vridhi is strategically developing its product lineup by harnessing a tech infrastructure and collaborating with leading providers of loan management software (LMS) and digital onboarding systems, ensuring a scalable, paperless and reliable operational process.
Headquartered in Bengaluru, Vridhi currently operates in Karnataka and Andhra Pradesh, with a network of twenty branches spread across these regions.