Housing credit solutions provider Shubham Housing Development Finance Co (Shubham) on Tuesday said it raised Rs122 crore in its Series C round from led by Motilal Oswal Private Equity along with existing investors Helion Advisors, Elevar Equity, Accion Frontier and Saama Capital.
Headquartered in Gurgaon, Shubham provides housing credit solutions like home loans and home improvement loans for individuals with informal income. Over the last three years, it has Shubham has reached a customer base of more than 4,500 families and an asset book of Rs235 crore. The company plans to use the fresh round of funds to further expand its housing loan portfolio.
“Housing finance is a large opportunity and Shubham is a differentiated model and is well poised for high growth. We are confident that over the next few years Shubham would emerge as one of the largest and highly respected housing finance company focused on informal sector of Indian economy,” said Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services and chairman of Motilal Private Equity, in a statement.
Founded in 2010, Shubham is led by banking professionals, Sanjay Chaturvedi and Ajay Oak. The funding comes at a time when Shubham is looking to expand its distribution reach to 150 cities.
Shubham provides home loans and home improvement loans ranging between Rs1Lakh to Rs15Lakh. It is currently functional in 12 states of India - Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand, Uttar Pradesh, Uttarakhand, Delhi, Haryana, Punjab and Bihar.