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Altum Credo, a company aiming to make homeownership a reality for low-income families in India, has secured USD 40 million in its Series C funding round. This investment will fuel their mission of providing long-term housing loans to those who traditionally struggle to access them from traditional banks.
Founded in 2017, Altum Credo stands out for its focus on technology. They leverage digital tools throughout the loan process, from application to servicing. This allows them to operate efficiently and reach customers in remote areas who might not have easy access to banks. Additionally, they maintain a cashless system for added security and transparency.
Altum Credo focuses on first-time homeowners in the economically weaker and low-income groups (EWS/LIG). These customers often lack the financial history or income stability required for traditional mortgages. Altum Credo bridges this gap by offering long-term financing with affordable monthly payments.
Since its launch, Altum Credo has grown rapidly. As of March 2024, they manage a loan portfolio of over USD 100 million (INR 830 Crore) and serve more than 11,000 customers across six Indian states. Their average loan size is around USD 8,500 (INR 8.5 lakhs) with a repayment term of 15 years. They typically finance properties valued between USD 15,000 and USD 25,000 (INR 15-25 lakhs), ensuring their focus remains on affordable housing.
This recent funding round marks Altum Credo's Series C round. In previous rounds, they raised USD 9.8 million in Series A funding in 2018 and USD 12 million in Series B funding in 2021. The additional capital will allow them to expand their operations in central and northern India. They also plan to further develop their distribution network, making it easier for potential borrowers to access their services.
Altum Credo's work goes beyond simply providing loans. Access to affordable housing has a ripple effect, improving the lives of families, particularly women and children. This investment not only helps close the financial gap for many Indians but also contributes to a more inclusive and stable society.
Altum Credo is not alone in its mission. Several other Indian proptech companies have recently secured significant funding through Series C rounds. For example, NoBroker, a leading online real estate platform, raised USD 210 million in December 2023. These funding rounds highlight the growing investor confidence in India's proptech sector and its potential to revolutionise the real estate market, particularly by making it more accessible to underserved segments.
Credo has been a pioneer in using technology for affordable housing finance in India. Their entire loan process is digital, from application to servicing. They were also one of the first companies to implement a cashless system for added transparency and security.
Unlike many lenders, Altum Credo specifically targets first-time homebuyers in the EWS/LIG category. This allows them to help those who might not qualify for traditional mortgages due to limited credit history or income.
In just seven years, Altum Credo has grown to manage a loan portfolio of over USD 100 million and serve more than 11,000 customers. They focus on financing properties valued between USD 15,000 and USD 25,000, ensuring affordability for low-income families.
With this new funding, Altum Credo plans to expand its reach to central and northern India. They will also invest in developing their distribution network to make it easier for potential borrowers to access their services
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