Affordable housing company SEWA Grih Rin Limited, branded as Sitara, on Wednesday said it has raised USD 20 million, about Rs 160 crore, through a mix of primary and secondary investments.
The round was led by NMI and WWB Asset Management with participation of three existing investors – HDFC Holdings, Oikocredit and Omidyar Network Fund Inc. “The fund raised will help us to grow the loan book and expand the company’s operations into newer locations to meaningfully support women in realising their dream of owning a house of their own. “With this, we propose to help around 7,000 families additionally in the current financial year by disbursing around USD 63 million and consequently achieve a book size of USD 97 million in current FY,” SEWA Grih Rin Limited (Sitara) MD and CEO Shruti Gonsalves said in a statement.
Sitara provides affordable housing finance to the under-served low-income households in urban and peri-urban locations. The firm claims to have attracted USD 34 million in the capital since it commenced operations in 2015. The company had a loan book of USD 46 million as of June 30, 2022 and a customer base of around 15,000 borrowers, the statement said.
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