Housing finance company Altum Credo has scooped up $40 million in its Series C funding round led by Z3Partners and Oikocredit. The financing round also saw participation from British International Investment, and existing investors Aavishkaar Capital, Amicus Capital and PS Pai and family.
Altum Credo has raised $27 million in equity and facilitated a partial exit to Series A investors of $13 million, the company said via press release. The Pune-based company had previously raised $9.8 million in Series A and $12 million in Series B in 2021.
The company plans to use the fresh proceeds to achieve AUM growth by strengthening its distribution network and expanding its operation to more cities.
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Altum Credo provides financial accessibility for first-home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years.
The company added that the average ticket size of the home loan portfolio is Rs 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 Rs 15–25 lakh.
Altum Credo largely focuses on unserved and underserved segments, targeting first-time homeowners. As of March 2024, Altum Credo had an AUM of Rs 830 crore ($100 million), with 93% of their customers belonging to the economically weaker section (EWS) or low-income group (LIG) category.
