Ummeed Housing Finance: A Rising Star in India's Financial Landscape
June 20, 2024, 3:36 am
Ummeed Housing Finance, a Gurugram-based platform, recently raised a whopping USD 76 million in a series F round of funding. This equity infusion from A91 Partners LLP, Mirae Asset Venture Investments (India), Anicut Capital, and existing investors Norwest Venture Partners is set to propel Ummeed's expansion into central and southern India.
Founded in 2016 by Ashutosh Sharma, Ummeed provides affordable housing loans and secured small-ticket business loans to self-employed individuals in the low and middle-income categories. With a team of 1300 employees and 115 branches, Ummeed has already made its mark in 7 states of North and Central India and is now gearing up to conquer the South.
The company's growth trajectory has been impressive, boasting a rate of over 60% CAGR since its inception. Ummeed's focus on good asset quality and building a robust liability franchise has attracted a diverse set of lenders, including NHB, PSU banks, private sector banks, and DFIs like the United States International Development Finance Corporation.
Ashutosh Sharma, the Founder and MD of Ummeed Housing Finance, expressed his excitement about the equity infusion, emphasizing the company's commitment to inclusive financial solutions. He envisions a future where Ummeed continues to serve underserved communities while maintaining growth and asset quality, creating lasting value for all stakeholders.
Gautam Mago, General Partner of A91 Partners, highlighted the importance of housing and business finance for middle- and low-income borrowers in India. He sees Ummeed as a key player in this market, poised to make a significant impact on the lives of its customers.
With this latest funding round, Ummeed has raised a total of $150 million to date, solidifying its position as a rising star in India's financial landscape. The company's upgrade in credit rating from CARE further underscores its financial health and growth prospects, setting the stage for even greater success in the future.
Founded in 2016 by Ashutosh Sharma, Ummeed provides affordable housing loans and secured small-ticket business loans to self-employed individuals in the low and middle-income categories. With a team of 1300 employees and 115 branches, Ummeed has already made its mark in 7 states of North and Central India and is now gearing up to conquer the South.
The company's growth trajectory has been impressive, boasting a rate of over 60% CAGR since its inception. Ummeed's focus on good asset quality and building a robust liability franchise has attracted a diverse set of lenders, including NHB, PSU banks, private sector banks, and DFIs like the United States International Development Finance Corporation.
Ashutosh Sharma, the Founder and MD of Ummeed Housing Finance, expressed his excitement about the equity infusion, emphasizing the company's commitment to inclusive financial solutions. He envisions a future where Ummeed continues to serve underserved communities while maintaining growth and asset quality, creating lasting value for all stakeholders.
Gautam Mago, General Partner of A91 Partners, highlighted the importance of housing and business finance for middle- and low-income borrowers in India. He sees Ummeed as a key player in this market, poised to make a significant impact on the lives of its customers.
With this latest funding round, Ummeed has raised a total of $150 million to date, solidifying its position as a rising star in India's financial landscape. The company's upgrade in credit rating from CARE further underscores its financial health and growth prospects, setting the stage for even greater success in the future.