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

EntrackrEntrackr · 22d 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.

Exclusive: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 11m ago
Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 75 crore (approximately $9 million) via non-convertible debt from JM Financial. This is the second debt round for the Mumbai-based company this year. The board at FlexiLoans has passed a resolution to issue 7,500 non-convertible debentures to raise Rs 75 crore, according to the company’s internal documents accessed by Entrackr. The debt has a coupon rate (interest) of 12.05% per annum with a tenure of 24 months. The company intends to utilize the funds for the ongoing business operations, the documents added. The debt infusion has come at a time when the firm is set to secure $35 million in funding from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani. Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans offers collateral-free loans to MSMEs. The firm has raised over $124 million to date in a mix of equity and debt including a $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, among others in June 2022. As per its website, the company has disbursed over Rs 7,000 crore of loans. Besides partnerships with over 400 partners, Flexiloans also lends through its NBFC — Epimoney. The company gives loans in the range of Rs 50,000 to Rs 1 crore with a maximum tenure of 36 months. The fintech firm grew at a fast pace in the fiscal year ending March 2024 as its collection jumped 2.4X year-on-year. Its operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23. During the period, the company also maintained its profitability with Rs 3 crore PAT. FlexiLoans competes with a clutch of fintech firms including Lendingkart, Indifi, Incred, Oxyzo and Aye Finance.

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