Gurugram-based Ummeed Housing Finance Pvt. Ltd (UHFL) has raised ₹270 crore of equity capital from Norwest Venture Partners and existing investor Morgan Stanley Private Equity Asia on Monday.
The company had raised ₹140 crore from Morgan Stanley Private Equity Asia in February 2020. In December 2020, CX Partners had picked up a minority stake in the company by acquiring shares from early-stage investors Lok Capital and Duane Park.
The fund infusion is sufficient to increase its assets under management (AUM) to ₹2,000 crore over the next few months from ₹650 crore at present, Ummeed Housing Finance said. The company aims to bolster its affordable housing finance market, which is expected to grow to ₹40 trillion by 2030 from ₹13 trillion in March 2021, and target the business loan segment.
“This round of fundraising, led by Norwest Venture Partners LLC gives us clear visibility on the equity front as we aim to expand our operations, strengthen our technology platform, and enter new markets. Given the participation from larger growth equity investors, the company will look to aggressively double AUM to ₹1,300 crore over the next 18 months.” Ashutosh Sharma, managing director, Ummeed Housing Finance, said. Unitus Capital acted as the exclusive financial adviser to the company on the transaction.
