By Accommodation Times Bureau
Sgubham Housing Development Finance Company is planning to raise $30 m from PremjiInvest, a private equity unit of Wipro founder Azim Premji as it looking to enhance its home loan portfolio and customer base.
Shubham Housing, which provides small loans to informal sector, started operations in January 2011 and has a share capital of ` . 180 crore. It has raised premium rounds from private equity investors including Motilal Oswal Private Equity, Helion Advisors, Elevar Equity and Saama Capital. “The fund-raising process is in advanced stages,“ said a person close to the development, who did not wish to be identified. “They are likely to announce the investment in coming months.“
Shubham Housing is promoted by Sanjay Chaturvedi and Ajay Oak. Chaturvedi said that the company is looking to raise funds to help grow its loan book. “If the existing shareholders want, they have the option to invest in the current round,“ said the person cited earlier. Shubham Housing had reported a profit . 4.5 crore in 2016-17. It has a loan boafter tax of ` ok of close to ` . 800 crore and is adding nearly . 35 crore a month.`