 "Shubham raises Rs 122 crore series 'C' funding")
The funding was led by Motilal Oswal Private Equity along with existing investors- Helion Advisors, Elevar Equity, Accion Frontier and Saama Capital. Shubham over the last three years has reached a customer base of more than 4,500 families and an asset book of Rs 235 crore. The company plans to use the fresh round of funds to further expand its housing loan portfolio.
Raamdeo Agrawal, Co-Founder of Motilal Oswal Financial Services and Chairman of Motilal Private Equity said “Housing finance is a large opportunity and Shubham is a differentiated model and is well poised for high growth. We are delighted to be partnering with Sanjay, Ajay, Helion Ventures, Elevar Equity, Saama Capital and Accion in the next phase of Shubham’s journey and we are confident that over the next few years Shubham would emerge as one of the largest and highly respected housing finance company focused on informal sector of Indian economy”
Founded in 2010, Shubham is led by two banking professionals, Sanjay Chaturvedi and Ajay Oak. The founders’ vision was to identify and solve the problem of bringing access to housing finance for the informal income groups has helped Shubham scale and emerge as a sector leader.
"The current funding comes at a time when Shubham is poised to grow the asset book multiple times and expand its distribution reach to 150 cities. Having committed capital for medium and long term is imperative for a company like ours. Our partnership with early investors has helped us focus on the business model and achieve our capital goals. The credit rating of BBB by ICRA has also helped us attract more funds," said Ajay Oak, Co-founder and COO, Shubham.
Helion Advisors and Elevar Equity have been associated with Shubham since the beginning. Helion has made an investment of $6.5 million so far.
Talking about their third round of investment in Shubham, Rahul Chandra, Managing Director, Helion Advisors, said "Shubham resonates with Helion's belief in backing strong teams who create long lasting companies around massive opportunities."
Shubham provides home loans and home improvement loans ranging between Rs 1 lakh to Rs 15 lakh. It is currently functional in 12 states of India--Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, Chhattisgarh, Jharkhand, Uttar Pradesh, Uttarakhand, Delhi, Haryana, Punjab and Bihar.