Bengaluru-based NBFC Vridhi Home Finance has secured INR 310 Cr (around $36.9 Mn) in a Series B funding round led by Norwest Venture Partners.
The round also saw participation from existing investors Elevation Capital and the startup’s founders to push housing finance availability in the country, as per the company’s statement.
With the fresh proceeds, Vridhi Home Finance is targeting expansion in the existing markets ensuring strong technology infrastructure.
The statement also underlined the company’s investment approach towards customer centricity, right risk management practices and strong distribution network.
The company claims to offer home loans ranging from INR 3 Lakh to INR 45 Lakh with primary focus on smaller towns with populations between 3,000 and 500,000. It further says that it aims to serve underserved markets by expanding its physical network.
Sunku Ram Naresh, founder, MD and CEO of Vridhi Home Finance, said, “By establishing an omnichannel presence and ensuring exceptional service delivery through our phygital model, we are making home ownership accessible to traditionally underserved segments. The strong backing from Norwest and continued support from Elevation Capital validates our approach of combining deep market understanding with technology-led innovation.”
Launched in 2022 by Sunku Ram Naresh and co-founders Sandeep Arora and Sunil Mehta, Vridhi Home Finance uses technology, sales, and credit tools to facilitate housing financing distribution.
