existing investors
Holdings, Oikocredit and Omidyar Network Fund also participated in the round.
The company plans to use this money to grow its loan book, work towards digitizing its offerings and expand operations Odisha, Jharkhand and other states.
At present, the startup operates through a network of 36 branches across eight states including Delhi, Rajasthan, Madhya Pradesh, Uttar Pradesh, Bihar, Maharashtra, Gujarat and Haryana.
Established in 2015 by Shruti GonsalvesSewa Griha Rin – branded as Sitara – offers loans in the range of Rs 1 lakh to Rs 30 lakh for home construction, extension, purchase and renovation for low-income households, especially for women in urban and rural areas. Is.
“We aim to help an additional 7,000 households by distributing approximately $63 million in the current fiscal year and result in a book size of $9.7 million in FY13,” said Golselweis.
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Gonsalves told ET that the equity funding is expected to help the startup hire more talent at the supervisory and senior management levels.
Service house Rin has approximately $46 million in assets under management (AUM) with 15,000 customers.
“We are currently at around Rs 300 crore AUM and we plan to reach around Rs 700- 800 crore AUM by the end of March 2023,” Gonsalves said.
The startup’s business model combines lending with social impact – catering for an informal housing period or incomplete property documentation – in that it helps potential clients make property title legally executable.
“Our goal is to be an active and value-added investor and Sitara is looking forward to joining like-minded investors on the board. We are impressed with what we have seen from the company and We are optimistic about its future.”
Sitara raised around $10 million in 2019 from Oikocredit, Omidyar Network India.
HDFC Holdings and Women’s World Banking.
The company has raised $34 million since starting operations.