Altum Credo raises over $19 Mn from British International Investment

Altum Credo Home Finance, a non-deposit-taking affordable housing finance company, has raised Rs 170 crore ($19.5 million) in equity from its existing investor British International Investment (BII), the UK’s development finance institution and impact investor. 

Entrackr had recently reported exclusively on Altum Credo’s upcoming funding round.

In April last year, Altum Credo raised $40 millionthrough 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.

The fresh capital will strengthen Altum Credo’s balance sheet and support its expansion within existing geographies across southern and western India.

Founded in 2016, Altum Credo’s business model is focused on providing long-tenure home loans to customers with informal or semi-formal incomes in urban and semi-urban markets. It combines a tech-enabled origination and underwriting platform with strong on-ground presence to reduce operational friction and improve access for borrowers. 

To date, the company claims  to have catered to over 15,000 customers across six states, with assets under management (AUM) exceeding Rs 1,000 crore.

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.

Last week, Weaver Services, a technology-driven housing finance platform, raised $170 million in a round led by Lightspeed and Premji Invest. With its latest fundraise, Altum Credo joins other sizable deals in the segment, including Vastu Housing’s $100 million round from Prosus and Easy Home Finance’s $35 million round led by Ranjan Pai’s family office along with other investors.