Altum Credo raises Rs 170 cr in funding led by BII

Mumbai, Aug 25 (PTI) Non-bank lender Altum Credo on Monday announced a Rs 170 crore fund raise from existing investor UK's development finance institution and impact investor British International Investment (BII).

The funding will help the Pune-headquartered affordable housing-focused lender expand its operations in the country, as per a statement.

The company has served over 15,000 customers in six states covering southern and western India, and manages assets of over Rs 1,000 crore.

The investment will help increase credit access to low-income, majority women customers for the purpose of home construction and improvements, which will, in turn, improve access to basic services, such as sanitation, electricity, and safety, as well as asset ownership of households.

Its managing director and chief executive, Vikrant Bhawat, said the investment will strengthen the balance sheet for a long-term, sustainable, impactful growth journey.

BII's head of India, Shilpa Kumar, said the British investor is continuing with its investment as it aligns with its agenda for inclusive growth by expanding access to affordable housing finance for communities across India. PTI AA BAL BAL