Ummeed In News

India Digest: Ummeed Housing Finance secures $20m; Fintech firm Kiwi planning to raise $15m

Ummeed Housing Finance has secured a loan of up to $20 million from the US International Development Finance Corporation, while Kiwi is planning to raise $15 million from Omidyar and Nexus Venture Partners.

Ummeed Housing Finance bags $20m from US DFC

Digital affordable housing finance company Ummeed Housing Finance has secured a loan of up to $20 million from the US International Development Finance Corporation (DFC).

The funding will be used for providing long-tenure housing finance to the economically weaker sections, lower-income groups, and middle-income groups in tier 2, 3, and 4 cities in India.

DFC will fund approximately 2,000 new, low-ticket mortgages, averaging $11,600 (around Rs 9 lakh) in size, with tenures of up to 15 years. DFC is the US government’s development finance institution that works with the private sector to channel development capital into emerging markets.

Founded in 2016, Ummeed Housing Finance provides affordable housing finance to the underserved and underbanked population and operates through 84 branches in seven states across north and central India.

Kiwi planning to raise $15m from Omidyra, Nexus

India-based virtual credit card platform Kiwi is planning to raise $15 million from Omidyar and Nexus Venture Partners, reported Entrackr.

Early-stage investor Omidyar is expected to invest $7 million in the funding round, which would value the company between $70-80 million, added the report.

Kiwi had raised $6 million in a pre-seed round of funding from several investors, including Nexus Venture Partners, Stellaris Venture Partners, and a host of angel investors, in May this year.

Co-founded by fintech experts Siddharth Mehta (ex-CEO, Freecharge), Mohit Bedi (ex-Axis Bank and PayU), and Anup Agrawal (ex-business head, LazyPay), Kiwi has launched an app that will help customers avail credit on UPI by issuing Rupay Cards in partnership with banks.