Lightspeed and Premji Invest led $170 M funding raised by Weaver Services
Lightspeed, Premji Invest, and Gaja Capital led a $170 million funding round for Weaver Services, a technology-driven housing finance platform.
The money raised will go toward expanding into tier-II and tier-III cities, bolstering technology, and purchasing assets.
With the help of alternative data and AI-driven underwriting models, Weaver is developing a next-generation housing finance platform under the direction of founder and vice chairman Satrajit Bhattacharya to cater to India’s underserved affordable housing market, particularly for independent contractors.
As its anchor asset, Capital India Housing Finance was previously acquired by the company, and in order to grow more quickly, it is considering additional acquisitions.
Alongside well-known housing finance firms like HDFC Ltd., LIC Housing Finance, Aavas Financiers, Home First Finance, and PNB Housing Finance, Weaver competes in the market.
The last 12 months have seen a large influx of capital for housing finance companies. Prosus contributed $100 million to Vastu Housing in December, and Ranjan Pai’s family office and other investors helped Easy Home Finance raise $35 million. Basic Home Loan, a home finance startup, raised $10.6 million in a Series B funding round last September. Additionally, in October, Norwest Venture Partners led a $35 million fundraising round for Vridhi Home Finance.
