Vastu Housing Finance looking to raise up to $50 million from US IDFC
Affordable housing finance provider Vastu Housing Finance Corporation is looking to raise up to $50 million from United States International Development Finance Corporation (DFC) in a long term external commercial borrowing.
Vastu, supported by International Finance Corporation, lends to the low-income and self-employed segments. The company had assets under management of around Rs 7,400 crore at the end of March.
The company announced Thursday that it secured a commitment of up to $50 million from DFC with a tenure of 20 years.
«This loan will allow Vastu to extend loans to women borrowers in tier 2 and 3 towns and rural areas of India,» said Sandeep Menon, Vastu's founder and managing director.
The company started in 2015 with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi. Investors like Norwest Venture Partners, Creation Investments, 360 One Asset Management, TA Associates and Faering Capital are also shareholders.
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