In its Series F round, Ummeed Housing Finance disclosed that it had secured an equity financing of approximately Rs 630 crore with the support of Mirae Asset Venture Investments (India) and A91 Partners LLP.
The primary capital of approximately Rs 300 crore is included in the financing, which is intended to facilitate the company’s expansion in central and southern India. Furthermore, the round enabled Lightrock Global Fund S.A. to terminate its investment in Ummeed, which was made in 2018.
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Ummeed Housing Finance is a company that specializes in the provision of secured small-ticket business loans and affordable housing loans to self-employed individuals in low and middle-income categories. As of May 2024, the organization oversees assets exceeding Rs 18 billion and administers 115 branches in tier 2, 3, and 4 locations throughout northern and central India.
Gautam Mago, General Partner, A91 Partners, said: “We are glad to partner with Ashutosh and the Ummeed Housing Finance team. We admire the company they have built over the last 8 years and the credit quality they have maintained. Housing and business finance to middle and low-income borrowers is a large and important market for India, and we hope to contribute to Ummeed’s endeavor to be one of the best companies serving this consumer base”
Ashish Dave, CEO, Mirae Asset Venture Investments (India) Private Limited, said: “We believe that housing is one of the essential needs of every person and is a key driver of economic progress. Ummeed caters to the large and underserved middle- and low-income borrower segment. Ashutosh and the team at Ummeed have remained focused on maintaining strong asset quality and balancing it with strong growth since inception. We are excited to partner with the team at Ummeed in their next leg of growth”
About Ummeed Housing Finance
Founded in 2016 by Mr. Ashutosh Sharma, Ummeed Housing Finance Private Limited (Ummeed) is a housing finance company registered with the National Housing Bank (NHB) under the National Housing Bank Act, 1987.
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