Vridhi Home Finance raised Rs 150 Cr Series A funding from Elevation Capital
Elevation Capital led a Rs 150 crore Series A round for Vridhi Home Finance, a tech-enabled brick and mortar housing finance company. This is the company’s first fundraising effort.
According to a press release from the company, the money will be used for hiring, developing a liability franchise, strengthening the tech stack, and geo-expansion into North Karnataka and Andhra Pradesh.
Additionally, Vridhi obtained its NBFC-HFC license earlier this year, and since then, it has established twenty branches throughout Andhra Pradesh and Karnataka.
Vridhi, which was founded in 2022 by Sunku Ram Naresh, Sandeep Arora, and Sunil Mehta, intends to provide salaried and independent contractors in Tier II and III cities throughout India with a channel for secured housing loans. The company’s primary goal is to help salaried and self-employed individuals who had trouble obtaining formal credit in the past by offering loans with an average ticket size of Rs 6 to 8 lakhs.
By utilizing a tech infrastructure and working with top suppliers of digital onboarding platforms and loan management software (LMS), Vridhi is systematically expanding its product line and guaranteeing a dependable, scalable, and paperless operational process.
With its headquarters located in Bengaluru, Vridhi presently has twenty branches throughout the states of Karnataka and Andhra Pradesh.
