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India-based private equity and venture capital firm Faering Capital has invested $30 million in Vastu Housing Finance Corporation Ltd, according to an announcement on Thursday. The transaction was a secondary sale by Multiples Alternate Asset Management and other shareholders of the company.
Vastu, set up in 2015 by Menon and Sujay Patil, is a digitally-enabled retail affordable housing finance company with a pan-India presence. The company has assets under management of around $900 million and has a presence in 15 states across India in 200+ markets.
It has more than 40 lending relationships across leading public and private sector banks and financial institutions including National Housing Bank (NHB), State Bank of India (SBI), Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Union Bank, HSBC and others.
The company claims to have reported a profit after tax of over Rs 285 crore in FY23. In 2021, the firm raised $200 million in a financing round from a consortium led by Norwest Venture Partners, Creation Investments, and IIFL Asset Management.
“Housing finance and specifically affordable housing are multidecadal opportunities in India. Having tracked Vastu’s progress over the last few years, we are confident that the company is well on its way to building a highly profitable, large, and respected institutional franchise focused on affordable housing finance, said” Aditya Parekh, co-founder and managing director of Faering Capital.
Other investments from Faering Capital’s fund 3 include Go Digit General Insurance and smallcase. From its previous two funds, Faering Capital has invested in companies such as Manipal Hospitals, Nykaa, Anthem Biosciences, and RBL Bank.
