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Altum Credo raises over $19 Mn from British International Investment

EntrackrEntrackr · 14h ago
Altum Credo raises over $19 Mn from British International Investment
Medial

Altum Credo raises over $19 Mn from British International Investment Altum Credo Home Finance, a non-deposit-taking affordable housing finance company, has raised Rs 170 crore ($19.5 million) in equity from its existing investor British International Investment (BII), the UK’s development finance institution and impact investor. Entrackr had recently reported exclusively on Altum Credo’s upcoming funding round. In April last year, Altum Credo raised $40 million through a mix of primary and secondary transactions, led by Z3Partners and Oikocredit. According to startup data intelligence platform TheKredible, the Pune-based company has raised $80 million to date. The fresh capital will strengthen Altum Credo’s balance sheet and support its expansion within existing geographies across southern and western India. Founded in 2016, Altum Credo’s business model is focused on providing long-tenure home loans to customers with informal or semi-formal incomes in urban and semi-urban markets. It combines a tech-enabled origination and underwriting platform with strong on-ground presence to reduce operational friction and improve access for borrowers. To date, the company claims to have catered to over 15,000 customers across six states, with assets under management (AUM) exceeding Rs 1,000 crore. In the fiscal year ended March 2024, Altum Credo recorded a 67% jump in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period.

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Altum Credo raises $40 Mn in Series C, provides partial exit to early backers

EntrackrEntrackr · 1y ago
Altum Credo raises $40 Mn in Series C, provides partial exit to early backers
Medial

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 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 $12 million in Series B in 2021. The company plans to use the fresh proceeds to achieve AUM growth by strengthening its distribution network and expanding its operation to more cities. Altum Credo provides financial accessibility for first home buyers across semi-urban and rural areas of India. It provides home loans in the range of Rs 4 lakh to Rs 40 lakh for a tenure of 5-20 years. The company added that the average ticket size of the home loan portfolio is at Rs 8.5 lakhs with a tenure of 15 years. With loan-to-value ratio below 50%, the average value of the properties funded is around Rs 15-25 lakhs. Altum Credo largely focuses on unserved and under-served segments, targeting first time homeowners. As of March 2024, Altum Credo had an AUM of Rs 830 crore ($ 100 million) with 93% of their customers belonging to the economically weaker section (EWS) or low-income group (LIG) category. As per startup data intelligence platform TheKredible, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. Significantly, its profit shot up 99% which stood at Rs 8.95 crore during FY23. It is yet to file FY24 financials. Besides, Altum Credo, Aviom, Easy Home Finance, Basic Home Loan, Andromeda also operate in similar space. Venture capital firm Z3 Partners announced the final close of its Fund at Rs 550 crore in January last year. Earlier this week, it invested $9 million in quick service restaurant chain Wow! Momo.

Exclusive: BII to invest Rs 70 Cr for additional 3% stake in Altum Credo

EntrackrEntrackr · 11d ago
Exclusive: BII to invest Rs 70 Cr for additional 3% stake in Altum Credo
Medial

British International Investment (BII) will invest another Rs 70 crore ($8.2 million) in housing finance company Altum Credo. This marks its second infusion in a month, following a Rs 100 crore investment last month, exclusively reported by Entrackr. According to filings with the Registrar of Companies (RoC), Altum Credo’s board passed a resolution to issue 40,46,243 Series C1 CCPS at Rs 173 per share to British International Investment, raising Rs 70 crore. British International Investment holds a 9.04% stake before the injection. Now its stake will increase to 12.55%, as per the regulatory filing. While Aavishkaar Capital remains the largest shareholder in the company with a 14.27%. The proceeds from this funding will be used to expand the company’s lending operations and geographic footprint, the filing added. In April last year, Altum Credo raised $40 million through a mix of primary and secondary transactions, led by Z3Partners and Oikocredit. According to startup data intelligence platform TheKredible, the Pune-based company has raised $80 million to date. Entrackr estimates the company’s valuation will reach Rs 1,777.5 crore (around $209 million) post-allotment. Founded in 2016, Altum Credo offers housing finance to economically weaker and low-income groups, providing home loans between Rs 4 lakh and Rs 40 lakh with tenures of 5 to 20 years. The company primarily serves first-time homebuyers in semi-urban and rural India. In the fiscal year ended March 2024, Altum Credo recorded a 67% jump in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period.

Exclusive: Altum Credo to raise Rs 100 Cr in Series C round

EntrackrEntrackr · 1m ago
Exclusive: Altum Credo to raise Rs 100 Cr in Series C round
Medial

Housing finance company Altum Credo is raising Rs 100 crore (approximately $11.8 million) in its ongoing Series C round from existing investor British International Investment. This will follow its $40 million Series C round in April last year, which comprised $27 million in primary capital and $13 million in secondary transactions, providing a partial exit to its early investors. The board at Altum Credo passed a resolution to issue 57,80,347 Series C1 CCPS at an issue price of Rs 173 each to raise Rs 100 crore, according to its regulatory filing accessed from Registrar of Companies (RoC). The proceeds from this funding will be used to expand the company’s lending operations and geographic reach, filling added. According to Entrackr’s estimates, the company will be valued at Rs 1,694 crore (approximately $200 million) post-allotment, reflecting a 60% increase from its $124 million valuation in the previous fundraise. Founded in 2016, Altum Credo provides housing finance to economically weaker and low-income groups, offering home loans ranging from Rs 4 lakh to Rs 40 lakh for tenures of 5–20 years. It focuses on 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 inception. Following the allotment of this round, British International Investment will be holding a 9.04% stake in the company while its promoters Ganesh Rao, Ashish Tiwari and Vikrant Bhagwat will collectively retain a 18.26% stake. In the fiscal year ended March 2024, Altum Credo posted a 67% increase in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period. Apart from Altum Credo, players like Aviom, Easy Home Finance, Basic Home Loan, and Andromeda also operate in the same space.

Decoding Atlum Credo’s $40 Mn primary and secondary round

EntrackrEntrackr · 1y ago
Decoding Atlum Credo’s $40 Mn primary and secondary round
Medial

Digital payments company Altum Credo recently announced $40 million in its Series C round led by Z3Partners and Oikocredit. Apart from primary capital, the company also offered partial exit to its backers. While the company didn’t disclose any details besides round size and investors, Entrackr has reviewed its regulatory filings to decode details such as round break up, shareholding, valuation, and secondary component in the deal. The board at Altum Credo has passed a special resolution to issue 300 equity and 1,99,99,700 Series C CCPS at an issue price of Rs 114 each to raise Rs 228 crore or $27 million as a primary capital, its regulatory filing accessed through the Registrar of Companies shows. Oikocredit and Z3 Partners (BII) invested Rs 80 crore and Rs 85 crore while British International Investment, Amicus Capital, and Avishkaar India pumped in Rs 26 crore, 12 crore, and 25 crore, respectively, in primary fundraising. According to the shareholder agreement between investors, there is also a secondary transaction where 1,03,96,040 shares have been sold worth Rs 118.5 or $14 million. Out of Rs 118.5 crore of secondary transactions, ABF (Avishkar Bharat Fund) sold Rs 79 crore worth of shares while promoters sold Rs 13.54 crore worth of shares. PS Pai and family purchased Rs 79 crore worth of shares in the secondary transactions from Avishakkar Bharat Fund and promoters. According to TheKredible’s estimates, the company has been valued at around Rs 1165 crore or $149 million post-allotment. 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. Following the fresh proceeds, Avishkaar remains the largest external stakeholder with 15.92% followed by Amicus Capital. Oikocredit and Z3 Partners command 7.62% and 8.09% stake of the company. Head to TheKredible for the complete shareholding pattern. While the company is yet to file its financial statements for FY24, Altum Credo’s revenue from operations scaled 102.4% to Rs 67.2 crore in FY23. As per TheKredible, its profit shot up 99% to Rs 8.95 crore during FY23.

Grow Indigo raises $10 Mn from British International Investment

EntrackrEntrackr · 5m ago
Grow Indigo raises $10 Mn from British International Investment
Medial

Grow Indigo raises $10 Mn from British International Investment Agritech startup Grow Indigo has raised $10 million from British International Investment (BII), the UK's development finance institution and impact investor. The proceeds will be used to accelerate the expansion of Grow Indigo's sustainability programs across India. Grow Indigo promotes sustainable techniques such as direct seeded rice and no-tillage farming that deliver enhanced soil health, reduced erosion, preserved biodiversity, improved water efficiency, and reduced manual labor, particularly benefiting women farmers. The company claims to have covered over 2.5 million acres of smallholder farmland already enrolled across 7 states. Grow Indigo also partners with food and fashion companies to facilitate sustainable sourcing and reduce their supply chain emissions. It has a presence across 16 states with over 2000 distribution partners and a 600-foot-on-ground team offering products from seed treatment to harvest.

DCDC Health Services raises nearly $10 Mn from BII

EntrackrEntrackr · 8m ago
DCDC Health Services raises nearly $10 Mn from BII
Medial

DCDC Health services private limited (DCDC), operating dialysis centers under its brand DCDC Kidney Care, has secured a strategic investment of Rs 82 crore (nearly $10 million) from British International Investment (BII), the UK’s development finance institution and impact investor. The proceeds will be used to deliver critical, life-saving dialysis treatments to low-income patients suffering from end-stage renal disease (ESRD). DCDC operates dialysis clinics in public-private partnership (PPP) arrangements with state governments. It provides treatments to economically weaker sections of the population. The startup claims to have a rollout of 900 dialysis machines in over 100 centers over the next three years. It is expected to reach over 15,000 unique patients, the majority of whom are low-income. This will also create around 1,000 direct jobs. According to BII, at least 30% of its total new commitments by value will be allocated to climate finance between 2022 and 2026. The company currently holds investments in over 1,580 businesses across 65 countries.

CLR Facility Services raises $15 Mn from BII

EntrackrEntrackr · 2m ago
CLR Facility Services raises $15 Mn from BII
Medial

CLR Facility Services raises $15 Mn from BII Integrated facility management company CLR Facility Services has raised $15 million (approximately Rs 125 crore) from British International Investment (BII), the UK’s development finance institution and impact investor. The proceeds will be used to support CLR’s expansion across India, scale its integrated facility management operations, invest in vocational training, and enhance ESG practices. Founded in Pune, CLR provides services such as cleaning, engineering, mechanical maintenance, and production support to corporate clients. It currently employs over 20,000 blue-collar workers and operates across nine states. “This investment will empower us to create more opportunities for our workforce, drive innovation in facility management, and extend our impact across new markets,” said Gaurav Pathak and Gautam Pathak, promoters and directors of CLR Facility Services. The company plans to more than double its workforce to 50,000 in the next five to seven years, with a focus on employing more women and individuals from underserved communities. It will also build training centres in tier-II cities to skill untrained and semi-skilled workers. CLR is known for its structured skilling and employment model, with 25% of its workforce being women. In 2018, it received its first institutional investment from First Bridge Investment Managers. The company serves over 160 clients and competes with players such as BVG India, UDS, and ISS Facility Services in the facility management space.

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