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Faering Capital has channelled $30 million into Vastu Housing Finance Corporation (Vastu), a significant investment in the housing finance sector. This financial infusion corresponds to a secondary sale involving funds managed by Multiples Alternate Asset Management, a prominent private equity platform, as well as other shareholders of the company. Vastu operates as a digitally empowered retail affordable housing finance company with a presence spanning the entire Indian subcontinent. With a forward-looking approach deeply rooted in technology and robust credit underwriting standards, Vastu has experienced substantial growth, managing assets under management (AUM) of approximately US$900 million. Their footprint extends to 15 Indian states, encompassing over 200 diverse markets.
Aditya Parekh and Sameer Shroff, co-founders of Faering Capital, lead a prominent private equity firm. With investments in 29 companies and over USD 720 million in capital, the firm's latest move represents its third investment from the USD 346 million Fund 3, which concluded in November 2022. This underlines their consistent commitment to reshaping the financial landscape. Key to Vastu's success is its cutting-edge technology platform, PULSE, which provides customers with a completely paperless digital experience and, in turn, swift turnaround times. Vastu's ambition is not limited to housing finance; in 2019, they ventured into vehicle and MSME finance by establishing a non-banking finance company (NBFC) named Vastu Finserve.
Vastu's mission is anchored in generating a positive social impact, focusing on lending to the low-middle-income segment, especially self-employed individuals and women borrowers. The company has cultivated strong partnerships, boasting relationships with more than 40 leading public and private sector banks, including prestigious institutions such as the National Housing Bank, State Bank of India, Bank of Baroda, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Union Bank, and HSBC. Additionally, the company has achieved the highest short-term rating of [ICRA] A1+. With asset quality that ranks among the best in the industry, Vastu maintains consistent profitability, reporting a profit after tax of over Rs 285 crore in the fiscal year 2023.
The company's board of directors includes esteemed individuals like former RBI Deputy Governor Shyamala Gopinath, former Global Head of Retail Banking at Standard Chartered Bank Viswanathan Ramachandran, and other prominent figures from the banking and finance sectors. Sudhir Variyar, Managing Director and Deputy CEO of Multiples Alternate Asset Management Ltd., warmly welcomed Faering Capital as shareholders, underscoring their anticipation of working together to further the company's vision. This collaboration is a testament to Vastu's impressive evolution into a respected financial institution and aligns with Multiples' commitment to driving both sustainable impact and profits.
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