British International Investment, an existing investor, is contributing Rs 100 crore, or roughly $11.8 million, to Altum Credo’s ongoing Series C round.
This will come after its $40 million Series C round in April of last year, which gave its early investors a partial exit and included $27 million in primary capital and $13 million in secondary transactions.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the Altum Credo board decided to issue 57,80,347 Series C1 CCPS at an issue price of Rs 173 each in order to raise Rs 100 crore.
The company’s lending operations and geographic reach will be expanded with the help of the funding’s proceeds.
The company’s post-allotment valuation is expected to be Rs 1,694 crore, or roughly $200 million, according to media estimates. This represents a 60% increase from the $124 million valuation in the previous fundraise.
Altum Credo was established in 2016 and offers home loans with terms of 5–20 years, ranging from Rs 4 lakh to Rs 40 lakh, to low-income and economically disadvantaged groups. It focuses on Indian semi-urban and rural first-time homebuyers.
The media reports that since its founding, the Pune-based company has raised $70 million. British International Investment will own 9.04% of the business after this round’s allocation, while Ganesh Rao, Ashish Tiwari, and Vikrant Bhagwat, the company’s promoters, will hold an 18.26% share between them.
While Altum Credo’s profit more than doubled to Rs 20 crore in the fiscal year that ended in March 2024, its operating revenue increased by 67% to Rs 112.87 crore.
In addition to Altum Credo, players in the same market include Aviom, Easy Home Finance, Basic Home Loan, and Andromeda.
