India-based Shubham Housing Development Finance Company has reportedly received a $35m investment from PremjiInvest.
The deal will see the firm acquire a 45 per cent stake into the company, which would make them the largest single-shareholder, according to an article by Guerilla News, which cites people with knowledge on the matter.
Shubham has reportedly been looking to raise around $100m in private equity funds, to help with the expansion of its loan portfolio and its national network, it said.
The company is a housing finance solution in India, offering home loans, home improvement loans and loan against property products. A borrower is able to receive a financing without income proof on paper, to help better financial inclusion.
Currently, the company operates in 88 offices across the country and has distributed around INR 1200 crores ($183m).
The new financing round has brought total capital raised by Shubham to around $63m, with the company bagging a $20m Series C in 2014.
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