Pune-based Altum Credo Home Finance has secured Rs 170 crore (approximately $19.5 million) in equity funding from British International Investment (BII), the UK government’s development finance institution, to accelerate its mission of providing affordable housing loans to underserved urban and semi-urban borrowers. Founded in 2016 by Vikrant Bhagwat, Ganesh Rao, and Ashish Tewari, Altum Credo has built a reputation for leveraging technology-led origination and underwriting alongside a deep field presence to serve customers with informal or semi-formal income profiles.
The fresh infusion from BII will significantly strengthen Altum Credo’s balance sheet, enabling it to expand its footprint across southern and western India. Since inception, the non-deposit-taking lender has disbursed housing loans to over 15,000 customers across six states, and its assets under management have surpassed Rs 1,000 crore. The company reported a robust 67 percent jump in operating revenue to Rs 112.9 crore in the fiscal year ended March 2024, while net profit more than doubled to Rs 20 crore, underscoring its strong unit economics and disciplined risk management.
Altum Credo’s model addresses the credit gap for low-income households, particularly women, who often lack access to formal home finance. By combining data-driven credit assessment tools with local outreach teams, the startup tailors loan products that accommodate irregular income streams and small-ticket financing needs for home construction and renovation. The BII investment will support the rollout of new digital platforms, enhance underwriting algorithms, and expand field operations to reach smaller towns and peri-urban areas.
Managing Director and CEO Vikrant Bhagwat emphasized that the partnership with BII reflects confidence in Altum Credo’s social impact and commercial viability. “This funding will enable us to deepen financial inclusion by providing responsible credit solutions to those traditionally excluded from mainstream housing finance,” he said. Co-founder Ganesh Rao added that the capital infusion would accelerate the development of customer-centric tools, while Ashish Tewari highlighted plans to leverage the company’s NBFC licence for new product lines, including micro-construction loans and refinancing options.
The affordable housing finance segment in India is poised for rapid growth, driven by government initiatives like PMAY (Pradhan Mantri Awas Yojana) and increasing urbanization. Despite this, many potential borrowers remain outside the formal financial system due to lack of documentation or credit history. Altum Credo’s success in serving these segments positions it as a leader in bridging this divide.
With BII’s backing, Altum Credo aims to double its customer base over the next 18 months and increase its assets under management to Rs 2,000 crore by mid-2026. The startup plans strategic hires in technology, credit analytics, and field operations to support this growth. As India’s affordable housing finance market evolves, Altum Credo powered by its founders’ vision and now bolstered by international development capital is set to drive sustainable home ownership for thousands more families across the country.
