Venture capital firm Elevation Capital invested Rs 150 crore in the first round of funding for housing finance provider Vridhi Home Finance.
The loan business hopes to expand operations, get larger lenders’ credit lines, and reach new markets with additional financing.
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“We got the licence very quickly and now we are looking to build a tech-enabled lending business with a strong physical presence, mostly catering to the affordable housing segment,” said Sunku Ram Naresh, Chief Executive Officer of Vridhi.
A founding team with over 75 years of combined expertise in banking and financial services, along with seasoned promoters, launched Vridhi. The chief financial officer is Sunil Mehta; the chief operational officer is Sandeep Arora; and the chief executive officer is Sunku Ram Naresh.
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“The total addressable market is around $300 billion in size and with rapid urbanisation, housing is a major asset to invest in and the market is highly underpenetrated,” said Arora.
Vridhi concentrates on the goal of integrating the unserved and underprivileged populace into the mainstream of finance. “We are building systems that can help loan disbursals in every single tranche to happen within three to four hours,” Ram Naresh said.
About Vridhi Finserv Home Finance Limited
Founded on January 5, 2022, as a public limited company under the Companies Act, 2013, Vridhi Finserv Home Finance Limited is a “Tech-enabled Brick and Mortar” housing finance company with its headquarters located in Bangalore, Karnataka.
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