Altum Credo Secures Rs 170 Crore for Affordable Housing Expansion

Altum Credo, a non-bank lender focused on affordable housing, has raised Rs 170 crore from British International Investment. The funds aim to expand operations, increase credit access for low-income customers, and improve access to essential services. This aligns with BII's focus on inclusive growth in India.

Altum Credo, a non-bank lender specializing in affordable housing, has successfully raised Rs 170 crore in funding from British International Investment (BII), the UK's development finance institution. This move is set to bolster the company's operations across India, particularly in southern and western states.

Headquartered in Pune, Altum Credo plans to utilize the funds to enhance credit access for low-income, predominantly female customers. The aim is to support home construction and improvement, thereby improving access to essential services such as sanitation, electricity, and safety, while boosting asset ownership among households.

According to Vikrant Bhawat, Altum Credo's Managing Director and CEO, this investment will fortify the company's balance sheet, allowing for sustainable and impactful long-term growth. Meanwhile, Shilpa Kumar, BII's head of India, emphasized the alignment of this investment with their agenda for promoting inclusive growth by expanding affordable housing finance in India.

(With inputs from agencies.)