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Private equity major EQT said on Friday it had agreed to acquire a 100 per cent stake in Indostar Home Finance, an Indian affordable housing finance company, for Rs 1,750 crore.
Indostar Home Finance is a wholly-owned subsidiary of Indostar Capital Finance.
EQT’s BPEA Mid-Market Growth Partnership fund will also invest an additional Rs 500 crore to fuel the company’s geographic expansion and digital transformation.
Founded in 2017, Indostar Home Finance focuses on providing affordable mortgages to retail customers in India’s Tier-II to Tier-IV cities. The company has grown its assets under management to Rs 2,400 crore and supported over 39,000 low-income homeowners and small businesses.
With a network of more than 130 branches across nine states, the company has achieved a compound annual growth rate of 32 per cent over the last three years, it said in a statement.
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"We are excited to embark on this new journey with EQT, who shares our vision and whose partnership will significantly help advance our mission of delivering affordable housing finance solutions across India," said Shreejit Menon, CEO, Indostar Home Finance.
EQT’s acquisition comes as India’s housing finance sector continues to grow, driven by government support, rising affordability, and increasing urbanisation.
According to CRISIL, the housing finance market is valued at Rs 30 lakh crore, but the country’s mortgage-to-GDP ratio of 12.3 per cent remains significantly lower than developed markets like the US and the UK at 60 per cent, signaling a long-term growth opportunity.
“Retail lending is a key investment theme for EQT within financial services in India,” said Ashish Agrawal, Partner, EQT Private Capital Asia.
"India’s affordable housing finance sector represents a long-term growth opportunity supported by secular demand drivers, favorable government policies, and resilient asset quality across economic cycles," Agrawal said.
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