Get All Access for $5/mo

Altum Credo Raises INR 88 Crore The funds will be utilized to strengthen its technology platform and scale business

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

Altum Credo, a housing finance company, has received fresh equity investment of INR 50 crore from Amicus. Existing investors, Aavishkaar Capital and PS Pai and Family, also participated with investments worth INR 19 crore each, taking the round size to INR 88 crore.

Altum was founded in 2014 by Vikrant Bhagwat along with Ganesh Rao and Ashish Tewari. It has a network of 30 branches spread across the states of Maharashtra, Telangana, Tamil Nadu, Karnataka, Rajasthan and Andhra Pradesh. Being an affordable housing finance company it focuses on the economically weaker and low-income group categories, said a statement.

The funds will be utilized to strengthen its technology platform and scale business.

"This funding round gives us a clear visibility to expand our operations in the six states where we are currently present and enhance our technology platforms to provide home loans to the low-income population segment aspiring to be first-time home buyers. This also allows us to enhance and diversify our borrowing mix and build leverage which will facilitate our next phase of growth," said Vikrant Bhagwat, managing director and CEO of Altum Credo, in the statement.

"Altum has all the right building blocks in place - strong systems, well-entrenched processes and a management team that has extensive experience in scaling financial services. The company is well positioned to capitalise on the secular decadal growth opportunity in the Indian housing finance market by using technology to reduce friction," said Mahesh Parasuraman, co-founder and partner, Amicus Capital.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

Business News

Former Steve Jobs Intern Says This Is How He Would Have Approached AI

The former intern is now the CEO of AI and data company DataStax.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Process

How CEOs Can Take Control of Their Emails and Achieve Inbox Zero

Although there are many methodologies that leaders can use to manage their emails effectively, a consistent and thought-through process is the most effective way to systemize and respond to emails and is a step of stewardship for the effective leader.