Pune-based Altum Credo raises Rs 170 crore from UK's development finance institution BII

Altum Credo Home Finance, a Pune-based affordable housing finance company, has raised Rs 170 crore (about $19.5 million) in equity funding from British International Investment (BII), the UK government’s development finance institution.

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The non-deposit-taking lender, founded in 2016 by Vikrant Bhagwat, Ganesh Rao and Ashish Tewari, focuses on urban and semi-urban borrowers with informal or semi-formal income profiles, segments often overlooked by mainstream financial institutions. Its model combines technology-led origination and underwriting with an extensive field presence to bridge the gap in credit access.

The fresh infusion will bolster Altum Credo’s balance sheet and fund expansion across southern and western India, where the company already operates.

The firm said the proceeds will be used to expand access for low-income households, particularly women, to finance home construction and renovation.

“This investment further strengthens our balance sheet for a long-term sustainable impactful growth journey and our commitment to cater meaningfully to the large unmet demand for affordable housing finance in India,” said Vikrant Bhagwat, managing director and CEO of Altum Credo.

Altum Credo claims to have served more than 15,000 customers across six states, with assets under management now exceeding Rs 1,000 crore. In the year ending March 2024, it reported a 67% jump in operating revenue to Rs 112.9 crore, while net profit more than doubled to Rs 20 crore.