Affordable housing finance company Home First Finance Company India Ltd on Friday said it has entered into definitive agreements with Orange Clove Investments BV, an affiliate of Warburg Pincus, for an investment of about ₹700 crore through a combination of primary fund-raise and secondary sales by existing shareholders.
“Warburg Pincus joins existing marquee PE firm shareholders True North and Bessemer Venture Partners,” it said in a statement, adding that this transaction is a huge vote of confidence for the affordable housing segment in general and more specifically for the performance of Home First during the current economic crisis.
“Our strong focus on the salaried customer segment, our investments in technology and our deep belief in digital processes and payment mechanisms, have netted excellent dividends through multiple disruptive events,”said Manoj Viswanathan, Chief Executive Officer, Home First.
The company had filed for an IPO earlier, with a plan to raise about ₹1,500 crore, of which about ₹400 crore would have been through a fresh issue.
Over the last 10 years, Home First has sanctioned home loans to more than 50,000 customers in 60 districts, across 11 States and a Union Territory.