Exclusive: BII to invest Rs 70 Cr for additional 3% stake in Altum Credo

British International Investment (BII) will invest another Rs 70 crore ($8.2 million) in housing finance company Altum Credo. This marks its second infusion in a month, following a Rs 100 crore investment last month, exclusively reported by Entrackr.

According to filings with the Registrar of Companies (RoC), Altum Credo’s board passed a resolution to issue 40,46,243 Series C1 CCPS at Rs 173 per share to British International Investment, raising Rs 70 crore.

British International Investment holds a 9.04% stake before the injection. Now its stake will increase to 12.55%, as per the regulatory filing. While Aavishkaar Capital remains the largest shareholder in the company with a 14.27%. 

The proceeds from this funding will be used to expand the company’s lending operations and geographic footprint, the filing added.

In April last year, Altum Credo raised $40 million through a mix of primary and secondary transactions, led by Z3Partners and Oikocredit. According to startup data intelligence platform TheKredible, the Pune-based company has raised $80 million to date.

Entrackr estimates the company’s valuation will reach Rs 1,777.5 crore (around $209 million) post-allotment.

Founded in 2016, Altum Credo offers housing finance to economically weaker and low-income groups, providing home loans between Rs 4 lakh and Rs 40 lakh with tenures of 5 to 20 years. The company primarily serves first-time homebuyers in semi-urban and rural India.

In the fiscal year ended March 2024, Altum Credo recorded a 67% jump in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period.