Affordable housing finance provider Vastu Housing Finance Corporation is looking to raise up to $50 million from United States International Development Finance Corporation (DFC) in a long term external commercial borrowing. Vastu, supported by International Finance Corporation, lends to the low income and self-employed segments. The company had assets under management of around Rs 7,400 crore at the end of March.
The company announced that it secured a commitment of up to $50 million from DFC with a tenure of 20 years. "This loan will allow Vastu to extend loans to women borrowers in tier 2 and 3 towns and rural areas of India," said Sandeep Menon, Vastu's founder and managing director. The company started in 2015 with seed capital from Renuka led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi. Investors like Norwest Venture Partners, Creation Investments, 360 One Asset Management, TA Associates and Faering Capital are also shareholders.
