Vridhi Home Finance, a promising tech-enabled housing finance company, recently completed a successful Series A funding round, raising Rs 150 crore. The investment was spearheaded by Elevation Capital, marking a significant milestone for the company as its inaugural fundraiser.
Onward to Expansion
The freshly infused funds will be strategically employed to support Vridhi Home Finance’s expansion efforts. The company plans to broaden its footprint in North Karnataka and Andhra Pradesh, where it envisions offering unique financial solutions to a larger demographic. Additionally, capital is to fortify the company’s technology infrastructure, hire new talent, and develop a robust liability franchise.
The Growing Success Story
Vridhi Home Finance has been making impressive strides since its inception in 2022. Founded by the visionary trio of Sunku Ram Naresh, Sandeep Arora, and Sunil Mehta, the company’s primary objective is to provide secure housing loans to individuals in tier II and III cities across India. These loans help serve salaried and self-employed individuals who have previously struggled to access formal credit.
A notable characteristic of Vridhi’s approach is its focus on loans with an average ticket size of Rs 6-8 lakhs. This strategy has been instrumental in addressing the financial needs of a previously underserved market segment, helping people realize their dream of owning a home.
Tech-Enabled Financial Solutions
Vridhi Home Finance is more than just another lending company. It strategically leverages technology to create a seamless and efficient loan management system. The company has entered into strategic partnerships with leading providers of loan management software (LMS) and digital onboarding systems to ensure a scalable, paperless, and highly reliable operational process.
Vridhi’s innovative tech infrastructure has played a pivotal role in transforming the traditional lending landscape. Through this digital transformation, the company has provided its customers with a more streamlined and convenient experience.
The Journey So Far
With its headquarters in Bengaluru, Vridhi Home Finance has gradually expanded its operations. Currently, the company operates in Karnataka and Andhra Pradesh, boasting a network of twenty branches spread across these regions. The expansion plan unlocks new opportunities and provides even more customers with access to affordable and secure housing loans.
This recent investment led by Elevation Capital represents a significant vote of confidence in Vridhi Home Finance’s vision and mission. It not only provides the company with much-needed capital for growth but also solidifies its position as a promising player in the housing finance sector.
As Vridhi continues to leverage technology, expand its reach, and make homeownership dreams come true for individuals in smaller cities, it sets for an exciting journey ahead, and this Series A funding round marks just the beginning of what promises to be a remarkable success story in the Indian housing finance industry.
