Housing finance startup Altum Credo raised $40 M Series C funding
Summary
In its Series C funding round, which was spearheaded by Z3Partners and Oikocredit, housing finance startup Altum Credo raised $40 million. British International Investment, as well as current investors Aavishkaar Capital, Amicus Capital, and PS Pai and family, participated in the funding round as well.According to a press release from the company, Altum Credo has raised $27 million in equity and enabled a partial exit to Series A investors for $13 million. Prior to 2021, the Pune-based business had raised $9.8 million in Series A funding and $12 million in Series B funding.With the additional funds, the company intends to grow its AUM by fortifying its distribution network and extending its reach into additional cities.In Indias semi-urban and rural areas, Altum Credo makes money accessible to first-time homebuyers. The average value of the properties funded is approximately Rs 15-25 lakhs, with a loan-to-value ratio less than 50%.Targeting first-time homeowners, Altum Credo primarily concentrates on underserved and unserved populations. 93% of Altum Credos clients fall into the economically weaker section (EWS) or low-income group (LIG) category, and the company had an AUM of Rs 830 crore ($100 million) as of March 2024.Altum Credos operating revenue increased by 102.4 percent to Rs 67.2 crore in FY23, according to startup data intelligence platform TheKredible.