Prosus invests $100 Mn in Vastu Housing and $80 Mn in Mintifi

Vastu Housing has raised $100 million from the global consumer internet group Prosus. The Amsterdam-based investor has acquired an 8.4% stake (7.8% fully diluted) in the home finance company.

Vastu Housing Finance is a prominent player in the affordable housing finance sector, focusing on underserved communities. In September, Vastu received a $50 million loan from the United States International Development Finance Corporation (USDFC).

Housing finance companies have attracted significant funding in recent months. Recently, Easy Home Finance raised $35 million in a fresh funding round led by Ranjan Pai’s family office and other investors. In September, home finance startup Basic Home Loan raised $10.6 million in a Series B funding round. In October, Vridhi Home Finance also raised $35 million in a round led by Norwest Venture Partners.

Prosus has also announced an investment of $80 million in B2B supply chain financing firm Mintifi. In October 2024, the group acquired a 10.65% effective interest in Mintifi for approximately $79.9 million at a valuation of around $750 million.

Mintifi caters to the last mile distribution network, and offers payments solutions, invoicing and customized financing solutions to small and medium enterprises (SMEs) across industries.

Before this, the startup had raised around $170 million including a Series D round of $110 million in March last year. Norwest Venture Partners is the largest stakeholder in the company followed by IFC, Lok Capital and Elevation. Check TheKredible for more details.

Launched by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, Mintifi reported Rs 232.49 crore in revenue in FY23 with Rs 24 crore loss. The firm has yet to file its annual report for the fiscal year ending March 2024. It competes with the likes of KredX and B2B building materials marketplace OfBusiness’ arm Oxyzo.