Weaver Services Expands with Major Private Equity Backing

Weaver Services, a non-bank lender founded by ex-HDFC executives, has secured Rs 800 crore in commitments from private equity funds including Gaja Capital and Lok Capital. This funding will support the company's nationwide expansion and acquisition of Capital India Home Loans, focusing on serving the unorganized sector.

Weaver Services, a non-bank lender initiated by former top executives from the previously dominant home finance giant HDFC, has secured substantial financial backing. Announced on Thursday, the company has garnered Rs 800 crore in commitments from prominent private equity funds.

The funding, pledged by Gaja Capital and Lok Capital, aims to drive the lender's national growth strategy. Part of the funds, Rs 267 crore, will be directed towards acquiring Capital India Home Loans, as detailed in an official statement.

Keki Mistry, former vice chairman and CEO of HDFC, expressed satisfaction over the collaborative effort of old associates coming together to establish a housing finance firm that caters to underserved segments. Once regulatory approvals are acquired and the acquisition is complete, Weaver plans to introduce home loan products for self-employed individuals, especially in Tier 2 and Tier 3 towns, targeting those in the unorganized sector.

(With inputs from agencies.)