Warburg Pincus, a US based private equity firm, through it’s affiliate Orange Clove Investments BV has announced that it has entered into an agreement to invest about Rs 700 crore in Home First Finance Company India Ltd on October 2, 2020.
The announcement came in from the leading global private equity firm focused on growth investing. The investment of approximately Rs 700 crore is a combination of primary fund raise and secondary sales by existing shareholders. Warburg Pincus joins existing marquee PE firm shareholders True North and Bessemer Venture Partners.
Home First is a technology driven, affordable housing finance company providing home loans to customers from low- and middle-income segments, who are building or buying their first homes.
Over the last 10 years, Home First has sanctioned home loans across India to more than 50,000 customers in 60 districts, covering 11 states and 1 union territory.
This investment is a huge vote of confidence for the Indian affordable housing segment in general and more specifically for the performance of Home First even in the face of this worldwide crisis, the press release said.
Commenting on the development, Narendra Ostawal, MD, Warburg Pincus said, “Home First has had a remarkable journey to become a leading affordable housing finance company in a relatively short span of 10 years. It is helmed by a very talented team and robust operating processes that continue to steer the company to do well through the pandemic and to leverage the growth potential of the affordable segment. Warburg Pincus looks forward to the partnership with True North and towards backing Manoj and the management team in its next phase of expansion.”
Divya Sehgal, Partner, True North said, “We are proud of the way the company has utilised technology to its advantage, adopting a digital first approach in navigating Covid-19. We welcome Warburg Pincus and look forward to partnering with them in the upcoming journey of Home First.”
“Home First is excited to partner with Warburg Pincus in this new phase of its journey.. True North has been a great support as we scaled from a small to a mid-sized company. Our shared passion for tech, belief in sustainable growth and strong governance has seen us thrive through several disruptive events,” said Manoj Viswanathan, CEO, Home First.
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