In a significant development, Vridhi Home Finance, a tech-driven brick-and-mortar housing finance company, has successfully raised INR 150 crore in a Series A funding round. Elevation Capital played a pivotal role in leading this round. This is a major milestone for Vridhi, which had been bootstrapped until this point.
The infusion of funds is earmarked for several strategic initiatives. Vridhi Home Finance will focus on geo-expansion in North Karnataka and Andhra Pradesh, bolstering their technological infrastructure, expanding their workforce through new hires, and establishing a robust liability franchise.
The company, headquartered in Bengaluru, obtained its NBFC–HFC license earlier this year and has been on a rapid growth trajectory, having opened twenty branches across Karnataka and Andhra Pradesh since then.
Sunku Ram Naresh, Founder, MD, and CEO of Vridhi Home Finance, expressed their commitment to making homeownership aspirations a reality for individuals across the nation. With this substantial capital infusion, they are poised to advance their mission of providing accessible housing solutions.
Vridhi Home Finance is currently operating in Karnataka and Andhra Pradesh but aspires to create a channel for secured housing loans, focusing on salaried and self-employed individuals in Tier II/III cities across India.
Mridul Arora, Partner at Elevation Capital, highlighted their excitement about partnering with Vridhi in their mission to democratize access to credit and bolster financial inclusion for underserved populations, making homeownership more affordable and accessible to a broader segment of the Indian population.
Vridhi Home Finance is making waves in the financial world! They recently secured a staggering INR 150 crore in funding to expand their housing finance services and make homeownership dreams come true for more people. Sending my best wishes to the Vridhi Home Finance team!~ Dr Shishir Guptaw founder & CEO of StartupLanes
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