Launched in 2022, Vridhi Home Finance provides loans for pre-built homes, construction, expansion, renovation, etc., and has assets under management worth over Rs 200 crore.
The latest financing will accelerate Vridhi’s expansion in existing markets while strengthening its technology infrastructure, the company said in a statement. (Image: freepik)
Housing finance company Vridhi Home Finance on Tuesday said it has raised Rs 310 crore in its Series B round of funding led by Norwest Venture Partners. The company’s founders and existing investor Elevation Capital also participated in the round. The latest financing will accelerate Vridhi’s expansion in existing markets while strengthening its technology infrastructure, the company said in a statement.
Speaking on the investment, Sunku Ram Naresh, Founder, MD & CEO of Vridhi Home Finance said “By establishing an omnichannel presence and ensuring exceptional service delivery through our phygital model, we are making home ownership accessible to traditionally underserved segments.”
Launched in 2022, Vridhi Home Finance provides loans for pre-built homes, construction, expansion, renovation, etc., and has assets under management worth over Rs 200 crore. The loan offered ranges from Rs 3 lakh to Rs 45 lakh, focusing on smaller towns.
“Vridhi’s founding team has played a pivotal role in laying the foundations of the Affordable Housing Finance industry in India and built two highly successful zero-to-one journeys in the last two decades,” said Nikhil Kookada, Principal at Norwest Venture Partners.
According to data from the Reserve Bank of India (RBI), housing loans recorded a substantial surge in the past two financial years, indicating growing demand for homes in the country. Credit outstanding to the housing sector, primarily comprising home loans, jumped by Rs 10 lakh crore during the last two years to Rs 27.22 lakh crore as of March 2024 from Rs 17.26 lakh crore as of March 2022.
Content retrieved from: https://www.financialexpress.com/business/sme-vridhi-home-finance-raises-rs-310-crore-in-series-b-funding-led-by-norwest-venture-partners-3651800/.
