India based housing finance company Aptus Value Housing Finance India Ltd has raised $40m in a funding round led by WestBridge Capital Partners LLC and Caspian Impact Investment Advisors. The firm said it will use the proceeds to expand its network and asset under management (AUM) over the next four years, with a projected portfolio of over Rs 5,000 crore.
This is the second round of investment for the PE firms in the company. WestBridge had put in around Rs 100 crore in 2014 to back the lender while Caspian had invested around Rs 30 crore. M Anandan, founder and chief operating officer, said, “Aptus aims to build a market leading financial services franchise focused on affordable housing.” “Financial inclusion is an important policy agenda for Prime Minister Modi and the government. We believe it has the potential to transform India. WestBridge is fortunate to be investors with Aptus, and supports its mission of serving micro-entrepreneurs in the informal economy,” said KP Balaraj, managing director, WestBridge Capital India Advisors. Aptus focuses on extending housing finance facilities to informal middle-income customers. It follows an approach of studying cash flow cycles and income profiles associated with each customer before the credit approval.