Housing finance company, Ummeed Housing Finance on Monday said it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund and Duane Park
Housing finance company, Ummeed Housing Finance on Monday said it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund and Duane Park.
The company will utilise this money in expanding to new locations in North and Central India, improve technology and grow assets under management by six times in the next year.
The company last raised USD 3.5 million from Lok and Duane Park in October.
Founded in January 2016 by Ashutosh Sharma, who spent 25 years at Citi, HSBC and Bank of Montreal, Ummeed focuses on providing housing finance access to families with low and informal incomes.
The company currently has three branches in Delhi, Chandigarh and Jaipur and has close to Rs 20 crore assets under management.Watch: How GST will impact startups?
In the next one year, Ummeed aims to expand to six new locations across North and Central India. It aims to build asset under management of Rs 120 crore by March 2018.
"The fresh round of investment comes at a time when Ummeed is ready for scale. We will strengthen our fintech and move towards becoming a mobile platform," said Ashutosh Sharma, founder, Ummeed.According to a Monitor-Deloitte study commissioned by World Bank and the National Housing Bank, the potential of the Indian affordable housing finance segment is currently pegged at Rs 8.8 lakh crore.