Ummeed In News
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Ummeed Housing Fin raises $5.6m from Lok Capital
Ummeed Housing Finance, a Delhi-based affordable housing finance provider, has raised $5.6 million in Series B funding from existing investors — Lok Capital Growth Fund and Duane Park. This follows the first institutional funding of $3.5 million in October, 2016.
In a statement issued here on Monday, the company said that the new investment will fuel the company’s expansion plans to new locations in north and central India. It would also be investing in digital technology and target growing its assets under management (AUM) by six times in the next year.
The home finance company was founded in January, 2016 by former Citibanker Ashutosh Sharma, who spent 25 years at Citi, HSBC and Bank of Montreal. The company is focused on home loans for families with low and informal income.
“The fresh round of investment comes at a time when Ummeed is ready for scale. We will strengthen our fintech and move toward becoming a mobile platform. We aim to build scoring modules that can improve operation efficiencies, reduce turnaround time & build robustness around the credit quality of the portfolio,” said Sharma.
“We believe Ummeed will become a significant player in the affordable housing space in a short span of time, given the large market size, the founding team’s focused approach, strong underwriting capabilities and the vision to leverage technology,” said Vishal Mehta, co-founder, Lok Capital.