Aavishkaar, Others Back Altum Credo With Rs 64 Cr Funding

Pune-based housing finance startup Altum Credo has received a commitment of Rs 64 crore from leading impact investor Aavishkaar Ventures and a group of high-net-worth individuals, including PS Pai, former executive chairman of Murugappa Group in the wake of growing investor interest in the affordable housing sector.

A person close to the development said, “The company will use the funds to expand its current loan book and expand operations to states across India. “The startup has all the approvals in place, including that from National Housing Bank and the funds are expected to be received by end of this month,”

Altum Credo was cofounded by Vikrant Bhagwat and Ganesh Rao and Ashish Tewari and got the license from National Housing Bank in June 2017. The company caters to customers in smaller towns and cities with housing loans in the range of Rs 5 to 15 lakh.

An insider of the company said, “With its current branch network of 15 branches the startup is setting up its branches across Karnataka, Maharastra and Tamil Nadu and hopes to set up its Southern headquarter in Bengaluru. Besides, they will be expanding operations to Gujarat, MP, Telangana, and AP.”

Altum Credo is largely focussed on financing first time home buyers in the middle and lower income group category.