Ummeed Housing Finance Private Limited has now secured INR 164 crore in the equity funding round led by Morgan Stanley Private Equity Asia.
This comes on the back of the $10 million equity secured by the housing finance company in the month of September 2018.
Ashutosh Sharma, Founder and Managing Director of Ummeed Housing Finance said,
“This round of fundraising gives us clear visibility on the equity front before entering the next financial year. We will use these proceeds to further expand in new geographies and continue to strengthen our technology platform, with a focus on building state-of-the-art underwriting practices. Given the participation from larger growth equity investors, the company will look to aggressively double Asset Under Management (AUM) to Rs 1,000 Cr over the next 12-18 months.”
The startup was founded in 2016; Ummeed Housing caters to te informal and the low-income segment predominantly in the Tier – II and Tier – III towns and operates via the 26 hubs in the Haryana, Rajasthan, Uttar Pradesh, and Delhi NCR. The company has built out a fully digitized loan approval and disbursal process, which even allows for a quick turnaround of the customer requests.
Commenting on the investment Nirav Mehta, Managing Director of Morgan Stanley Private Equity Asia, said,
“Affordable housing finance presents a largely untapped opportunity, which Ummeed intends to address through its scalable operating model built with the right blend of technology, people, and processes. We are excited to partner with UHFL in its next phase of growth.”