Ummeed Housing Finance, a housing finance company, announced it has raised Rs 164 crore from a fund managed by Morgan Stanley Private Equity Asia. Existing investor LGT Lightstone Aspada also took part in the funding round.
The Gurugram-headquartered company will utilise the funds to further expand its reach to newer geographies. The company will also build its technology platform, with a focus on creating state-of-the-art underwriting practices.
Ummeed Housing Finance was founded in 2016 by former Citi executive Ashutosh Sharma. Till now, the company has managed to raise close to 300 crore across multiple rounds of equity financing. The company’s latest round funding round comes a little less than 18 months after it had raised 72 crore from LGT Lightstone Aspada and Lok Capital.
Ashutosh Sharma, Managing Director of Ummeed Housing Finance, said, “Given the participation from larger growth equity investors, the company will look to aggressively double asset under management to 1,000 crore over the next 12-18 months.” Avendus Capital acted as the financial advisor to the transaction.
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