Weaver Services raises $170 million from Lightspeed, Premji Invest and Gaja Capital

A bulk of the money will go towards acquisitions.

Housing finance platform Weaver Services has raised $170 million (around Rs 1,450 crore) in a round led by Lightspeed and Premji Invest with participation from Gaja Capital, as it looks to tap into the growing demand for the affordable housing segment with a focus on self-employed individuals.

Moneycontrol was first to report about Lightspeed and Premji Invest leading Weaver Services’ large-ticket fundraise, exceeding $140 million, on July 28.

The investment will accelerate Weaver's asset acquisition, fund technology development, and expand reach across tier-2 and tier-3 cities where the affordable housing gap, as per the company, is the most acute.

The company, which has already acquired Capital India Housing Finance for Rs 267 crore, will acquire more companies as it looks to scale its loan book and capture a larger share of the market.

“We aim to make housing finance more accessible to the people of India by leveraging technology and placing customers at the centre of our focus thereby bringing in a new paradigm in the space,” said Satrajit Bhattacharya, Founder and Vice Chairman of Weaver Services.

Bhattacharya is an industry veteran with three decades of experience at HDFC Ltd. As part of his relationship with the bank, its former chief Keki Mistry also has invested some money in the company, Moneycontrol had reported earlier.

He has started the company alongside co-founder and CEO Anil Kothuri who has worked in the financial services sector for over three decades across Edelweiss, Citi and others.

“Weaver’s combination of deep domain expertise, AI-driven capabilities, and a tech-first approach that positions them to democratize home ownership for millions of underserved Indians,” Anuvrat Jain, Principal, Growth Investments, Lightspeed.

While the housing finance market, with several VC-backed companies like Vridhi Home Finance and Vastu Housing Finance, is a crowded one, Weaver Services is expected to cater only to the Tier 2, 3 and 4 regions, the lower income households as they become more aspirational and look to own homes.

Gopal Jain, Managing Partner, Gaja Capital said: "Weaver is addressing a deep-rooted gap in India’s housing finance ecosystem with a tech-led, customer-first approach. Their sharp focus on the self-employed segment, combined with disciplined execution, positions them well to emerge as a leader in the next phase of inclusive growth in financial services.”

For Premji Invest, this investment reflects its commitment to backing differentiated and innovative platforms that use technology to drive meaningful, long-term impact in financial services as per Saravanan Nattanmai, Partner at the investment firm.