Ummeed In News

Ummeed Housing Finance Receives $20 Million Sanction From US International Development Finance Corporation

Ummeed Housing Finance aims to impact tier 2,3 and 4 cities with new funding.

Gurgaon-based digital housing finance company Ummeed Housing Finance Private Limited (UHFPL) informed on Monday that it has received a sanction of up to $20 million from US International Development Finance Corporation (DFC). The company said that it will use the new funding for providing housing finance to Economically Weaker Sections (EWS), Lower Income Groups and Middle Income Groups in tier 2,3 and 4 cities.

James Polan, Vice President of DFC’s Office of Development Credit, said, "This is an important transaction that will provide vital financing to support increased access to affordable housing in India." He added that it will also help in growing home ownership among women.

UHFPL, founded in 2016, claims to provide housing finance to underserved and underbanked population. According to the company, it has 84 branches across north and central India.

Commenting on the new development, Ashutosh Sharma, Founder and Managing Director of UHFPL, said, "It is a proud moment for us to be associated with the U.S. International Development Finance Corporation. This DFC facility allows us to extend long dated credit to the underbanked population to assist with home purchases, construction, and extension."

UHFPL has partnerships with several marquee investors, which include Norwest Venture Partners, Morgan Stanley Private Equity Asia, Lightrock, and CX Partners. As per the data, the company has over Rs1,350 crore worth of assets under management. It has also forged partnerships with diverse mix of more than 25 lenders, including Public & Private Sector Banks, Global Development Financial Institutions and Domestic Financial Institutions.