Vridhi Home Finance raises Rs 310 crore in fresh funding from Norwest, existing investors
Vridhi Home Finance has secured Rs 310 crore in equity funding from Norwest Venture Partners along with its existing investor Elevation Capital and the company’s founders.
It comes after the company raised $18 million from Elevation Capital in its first institutional fundraising in October 2023.
In a statement on Tuesday, Vridhi Home Finance said that it is investing in building a strong distribution network, in risk management practices and in its technology back end to create a digital home loan process.
Since its inception in 2022, it has expanded to five states with 51 branches across Karnataka, Andhra Pradesh, Rajasthan, Madhya Pradesh and Telangana. It has built up assets under management of Rs 200 crore.
Armed with fresh capital it will expand to new markets and enhance its new digital onboarding system from loan application through disbursement and servicing, the company said.
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