Altum Credo, a housing finance company, is raising Rs 100 crore (approximately $11.8 million) in its ongoing Series C round with existing investor British International Investment.
This follows its $40 million Series C round in April of last year, which included $27 million in primary capital and $13 million in secondary transactions, providing a partial exit for its early investors.
Key Highlights
- Altum Credo to issue 57.8 lakh CCPS at ₹173 each, raising ₹100 crore in Series C.
- Funding from British International Investment boosts valuation to ~₹1,694 crore; proceeds to expand housing finance operations.
According to a regulatory filing obtained from the Registrar of Companies (RoC), the board of Altum Credo resolved to issue 57,80,347 Series C1 CCPS at an issue price of Rs 173 each in order to raise Rs 100 crore.
The proceeds from this funding will be used to expand the company's lending operations and geographic reach, according to the filling.
According to estimates, the company will be valued at Rs 1,694 crore (approximately $200 million) post-allotment, up 60% from its $124 million valuation in the previous fundraise.
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Altum Credo, founded in 2016, provides housing finance to economically disadvantaged and low-income groups, with home loans ranging from Rs 4 lakh to Rs 40 lakh for 5-20 years. It targets first-time homebuyers in semi-urban and rural India.
According to startup data intelligence platform TheKredible, the Pune-based company has raised $70 million since its inception. Following the allotment of this round, British International Investment will own 9.04% of the company, with promoters Ganesh Rao, Ashish Tiwari, and Vikrant Bhagwat owning the remaining 18.26%.
Altum Credo increased its operating revenue by 67% to Rs 112.87 crore in the fiscal year ending March 2024, while its profit more than doubled to Rs 20 crore.
Apart from Altum Credo, other players in the space include Aviom, Easy Home Finance, Basic Home Loan, and Andromeda.
