Nivara Home Finance Secures USD 10 Mn from Baring Private Equity India The Bengaluru-based platform aims to deploy the raised funds to propel the company's development and growth.
By Entrepreneur Staff •
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Nivara Home Finance announced that it has raised USD 10 million from Baring Private Equity India in an entirely primary round.
The proceeds from the round would be used to drive the growth and expansion of the company.
CV Rao, MD and CEO, Nivara, said, "There is a large underserved market in the ticket size we operate in Tier II, III, and IV markets, and we have found a partner who shares our vision for the segment. This funding round will enable us to cement our position in this segment further and leapfrog our growth plans."
Founded in 2015 by CV Rao, Sunil Rohokale, and Monik Koticha, Nivara is focused on providing affordable housing finance to micro-entrepreneurs and salaried customers.
Typically, the loan amount for these house loans falls between INR 5 lakh and INR 7.5 lakh.
With its network of 63 branches, Nivara currently provides services to clients in five states: Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra.
As of February 2024, the company has an AUM of INR 500 crore and a gross non-performing asset (GNPA) percentage of 0.58%.
Debanshi Basu, Senior Principal at Baring Private Equity India, said, "The affordable housing finance space is poised for significant growth. Nivara's focus on asset quality, its commitment to underserved segments, and the experience, expertise, and exceptional governance practices the management team will propel the franchise for a long time to come."
