Vridhi Home Finance raises RS 150 cr funds

Hyderabad Vridhi Home Finance, a housing finance company, has raised Rs 150 crore in a Series A round led by Elevation Capital. The funds will be utilised for expanding into more cities, strengthening technology, and hiring across roles for existing and upcoming branches.

Vridhi currently operates 20 branches across Karnataka and Andhra Pradesh, which include Bengaluru, Tumkuru, Hosakote, Bangarpet, Mysore, Tirupathi, Maddur, Kurnool, Bidar, Nelamangala, Hubli, Belagavi, Chandapura, Kengeri, Chikkaballapura, Gulbarga, Nellore, Hindupur, Madanpalle and Anantapur.

Sunku Ram Naresh, Founder, MD, CEO, Vridhi Home Finance, said: “Cognizant of our esteemed partnership with Elevation Capital, we sincerely appreciate their unwavering support. With this substantial capital infusion, we are poised to advance our mission of providing accessible housing solutions.” Naresh further said that in less than a year, Vridhi has assisted hundreds of customers in securing their first housing loans with an average ticket size of Rs 8-10 lakh.

With a combined experience of more than 75 years in the mortgage segment among the co-founders and the founding team, Vridhi aims to create a channel for secured housing loans, serving salaried and self-employed individuals in tier 2 and 3 cities across India, he added.