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House Financing Startup Altum Credo Raises USD 40 Mn in Series C from Z3Partners, Oikocredit, and Others The Pune-based platform aims to use the proceeds from the current fund raise to achieve AUM growth by further enhancing its distribution network and expanding its operational footprint.

By Entrepreneur Staff

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Vikrant Bhagwat, (Founder) MD and CEO, Altum Credo

Housing finance company Altum Credo has announced the raising of USD 40 million in a mix of primary and secondary transactions for its Series C funding round led by Z3 Partners and Oikocredit.

The financing round also saw participation from British International Investment and existing investors Aavishkaar Capital, Amicus Capital, PS Pai and family.

According to the official release, Altum Credo has raised USD 27 million in equity and saw a partial exit by early investors at USD 13 million. It had already raised USD 9.8 million in Series A in 2018 and USD 12 million in Series B in 2021.

The company plans to use the proceeds from the current fund raise to achieve AUM growth by further enhancing its distribution network and expanding its operational footprint.

Vikrant Bhagwat, (Founder) MD and CEO, Altum Credo, said, "As India traverses towards being a USD 5 trillion economy, access to affordable housing finance has immense potential to contribute towards this growth. This Series C fund raise is a critical milestone for the next phase of sustainable growth and will strengthen our balance sheet enabling effective leverage and sound ALM. The company will enhance its distribution network and expand operations in Central and Northern India."

Founded in 2017 by Vikrant Bhagwat, Ganesh Rao, and Ashish Tewari, Altum Credo provides financial accessibility for first home buyers across semi-urban and rural areas of India. It offers home loans in the range of INR 4 lakh to INR 40 lakh for a period of 5–20 years.

As per the startup, the average ticket size of the home loan portfolio is INR 8.5 lakhs with a tenure of 15 years. With a loan-to-value ratio below 50%, the average value of the properties funded is around INR 15–25 lakhs.

Currently, Altum Credo provides digitally guided underwriting service delivery in six states: Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Rajasthan. Over 11,000 people are among its clientele.

It claims to have an asset under management of INR 830 crore as of March 2024, with a majority of its customers from the economically weaker sections and low-income groups.

Rishi Maheshwari, Managing Partner, Z3Partners, said, "We believe the company is at an inflection point where physical and digital infrastructure come together to provide industry-leading operational metrics. This investment fits into our core thesis of technology being a catalyst to financially empower the underserved segment of Bharat while also building businesses in a profitable and scalable manner."

Entrepreneur Staff

Entrepreneur Staff

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