Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Ummeed Housing Finance raises $3.5 million in funding
Delhi-based Ummeed Housing Finance has raised USD 3.5 million in ‘Series A’ round of funding from Lok Capital and Duane Park.
The funding will fuel company’s expansion plans as well as boost deployment of technology towards achieving greater operating efficiency.
Founded in January 2016, the company is focused on affordable housing in North and Central India and provides housing finance access to families with low, informal income. The company is backed by a team of ex Citi Bank professionals, who have solid foothold in commercial banking, credit and mortgage.
Ashutosh Sharma, Founder, Ummeed said, “Families that have semi-formal or informal incomes and comprise the bottom-of-the-pyramid, remain largely under-served by housing finance companies and banks. This is especially true when the loan requirement falls below Rs 10 lakh, making them highly dependent on local money lenders. We want to change this by offering an easier, more reliable option for loans. We also realise that technology will give us the leverage to address needs of a large share of this low income segment.”
The potential of the Indian affordable housing finance segment is pegged at Rs 8.8 trillion (USD 135 billion), according to a Monitor-Deloitte study commissioned by World Bank and the National Housing Bank.
This is the maiden investment from Lok Capital’s third fund and Duane Park is a co-investor in this investment round. Vishal Mehta, Co-founder & Partner, Lok Advisory Services and Anurag Bhargava of Duane Park will join the board of the company.
Vishal Mehta in a statement said, “While there is a large unaddressed market in affordable housing finance, to make a significant impact and build an efficient, scalable model, depth of reach is key. Ummeed’s approach to marketing with a hub-spoke strategy and a conscious focus to build a technology savvy company will enable this.”
Anurag Bhargava of Duane Park said, “Duane Park is excited about partnering with Ashutosh and his superb team, all of whom have extensive experience in affordable housing finance. The market is growing and dynamic, and Ummeed will emerge as a leader through its organic growth strategy and partnerships.”
Lok Capital has identified affordable housing finance as a crucial component of financial inclusion as it creates a stable and long-lasting asset for a family, apart from significantly improving their standard of living.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
India: Lok Capital, Duane Park invest $3.5m in Ummeed Housing Finance
Ummeed, a Delhi-based housing finance company focused on affordable housing in north and central India, has raised $3.5 million in a Series A round of funding from impact investor Lok Capital and Duane Park.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Lok-Capital Led Fund Pushes Ummeed Housing Finance With $3.5M Investment
The Lok Capital advised Growth Catalyst Partners (GCP) which is the third fund from the India focused impact investor today announced that it has led the Series A investment of $3.5 million in Ummeed, a Delhi-based Housing Finance company focused on affordable housing in North and Central India.
This is the maiden investment from Lok's third fund. Duane Park is a co-investor in this investment round. The institutional funding will fuel Ummeed's expansion plans as well as boost deployment of technology towards achieving greater operating efficiency. Vishal Mehta, Cofounder & Partner, Lok Advisory Services and Anurag Bhargava of Duane Park will join the board of Ummeed. Mr. Alok Prasad, Ex-Mortgage Head at Citi Financials and Ex-CEO of Microfinance Industry Association (MFIN), will also join as a Non-Executive Board Member at Ummeed.
The potential of the Indian affordable housing finance segment is pegged at Rs. 8.8 trillion (~$135 billion), according to a Monitor-Deloitte study commissioned by World Bank and the National Housing Bank. However, the portfolio of existing affordable housing players is only Rs. 6,500 Crore (~$1 billion).
As banks and large NBFCs focus towards the formal, higher income segment, an immense opportunity presents itself for startups like Ummeed to develop a sustainable business model in lending to the informal market.
Founded in January 2016 by Ashutosh Sharma, a seasoned banker with over 25 years of experience at Citi, HSBC and Bank of Montreal, Ummeed focuses on providing housing finance access to families with low, informal income. The company is backed by a team of ex Citi Bank professionals, who have solid foothold in commercial banking, credit and mortgage. Sachin Grover, the Chief Operating Officer, has over 20 years of mortgage experience at Citi Financials, IIFL and Magma Housing. The operating team consists of professionals with extensive small-ticket mortgage experience at AU Housing, Magma and Shubham.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Lok Capital backs India's Ummeed Housing Finance
Indian venture capital firm Lok Capital has led a $3.5 million Series A round for Ummeed Housing Finance, a Delhi-based low-income property finance company.
Duane Park, an Indian trading firm, also participated in the round; Lok's Vishal Mehta and Duane Park's Anurag Bhargava will join Ummeed's board. The company will use the new capital to support its expansion...
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Ummeed Housing Finance raises $5.6 mn in Series B funding
Ummeed Housing Finance Pvt. Ltd has raised Series B funding of $5.6 million (Rs 36 crore) from existing investors Lok Capital Growth Fund and Duane Park, the mortgage lender said in a statement.
The funding comes after the Delhi-based company raised its first institutional round of $3.5 million from Lok Capital and Duane Park in October 2016. Since then it has established three branches-in Delhi, Chandigarh and Jaipur—and has about Rs 20 crore of assets under management (AUM).
The fresh round of investment will help the company expand in new locations in northern and central India. It will also invest in social, mobile, analytics and cloud technologies and aims to grow its AUM six times to Rs 120 crore by March 2018.
The company targets to go paperless, deploying tablets in all its branches to study customer profiles, run algorithms for credit scoring and disburse loans at a faster pace.
Ummeed was founded in January 2016 by Ashutosh Sharma, who had spent 25 years at Citi, HSBC and Bank of Montreal. The company provides housing finance to families with low and informal income. It offers loans ranging from Rs 3 lakh to Rs 25 lakh for purchase of apartments, construction of homes, home improvement, home extension and loans against property.
“Ummeed is ready for scale. We will strengthen our fintech and move towards becoming a mobile platform. We aim to build scoring modules that can improve operation efficiencies, reduce turnaround time and build robustness around the credit quality of the portfolio,” Sharma said.
Meanwhile, Ummeed is Lok Capital’s maiden investment from its third fund, Growth Catalyst Partners, and the third investment in this sector.
The impact investment firm had earlier backed Aptus Value Housing Finance and SEWA Grih Rin. Lok Capital manages three funds with over $125 million under management.
Several housing finance companies have been looking to grow business and loan portfolios by consolidating their market share in the affordable housing segment. These firms have seen keen interest from private equity players.
According to a Monitor-Deloitte study commissioned by the World Bank and the National Housing Bank, the potential of the Indian affordable housing finance segment is Rs 8.8 trillion (about $135 billion). Moreover, government policies like Pradhan Mantri Awas Yojna, promoting affordable housing, is likely to provide further impetus to the segment.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Ummeed Housing Finance raises $5.6m led by Lok
Delhi-based affordable housing finance company, Ummeed Housing Finance today announced it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund (Lok's third fund) and Duane Park.
The fun raising comes on the heels of the first institutional funding of USD 3.5 million raised from Lok and Duane Park in October, 2016, the company said in a statement.
The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said.
Founded in January 2016 Ummeed now has three branches in Delhi, Chandigarh and Jaipur and has close to Rs 20 crores assets under management (AUM), it said.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Ummeed Housing Finance raises $5.6m led by Lok
Delhi-based affordable housing finance company, Ummeed Housing Finance today announced it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund (Lok's third fund) and Duane Park.
The fun raising comes on the heels of the first institutional funding of USD 3.5 million raised from Lok and Duane Park in October, 2016, the company said in a statement.
The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said.
Founded in January 2016 Ummeed now has three branches in Delhi, Chandigarh and Jaipur and has close to Rs 20 crores assets under management (AUM), it said.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Ummeed Housing Finance raises $5.6m led by Lok
Ummeed Housing Finance raises $5.6m led by Lok Delhi-based affordable housing finance company, Ummeed Housing Finance today announced it has raised Series B funding of USD 5.6 million from existing investors Lok Capital Growth Fund (Lok's third fund) and Duane Park.
The fun raising comes on the heels of the first institutional funding of USD 3.5 million raised from Lok and Duane Park in October, 2016, the company said in a statement.
The fresh round of investment will fuel the company's expansion plans to new locations in North and Central India, lead to investments in SMAC (Social, Mobile, Analytics and Cloud) technologies and grow assets under management by six times in the next year, it said.
Founded in January 2016 Ummeed now has three branches in Delhi, Chandigarh and Jaipur and has close to Rs 20 crores assets under management (AUM), it said.
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
Lok leads $5.6m Series B for India's Ummeed
Lok Capital has led a $5.6 million Series B round for Indian affordable housing finance company Ummeed Housing Finance.
Indian trading firm Duane Park also participated in the round, according to a release. Both firms participated in Ummeed’s $3.5 million Series A round in October. The company will use the new capital...
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Ummeed In News
This is Ummeed Housing Finance Pvt. Ltd.’s Media Centre, here you can have a glimpse of our corporate and brand announcements. You can also access our press releases, media reports, interviews and articles across print, online and electronic channels.
India: Ummeed Housing raises $5.6m from Lok Capital, Duane Park
Ummeed Housing Finance Pvt. Ltd has raised a series B round of funding of $5.6 million from impact investor Lok Capital and Duane Park, a top company executive said.
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