Aashiyaan backed by OikocreditandInsitorto get housing finance license
Seed capitalhas been provided to Aashiyaan Housing & Development Finance, by Dutch social investor Oikocredit and Asia-focused venture capital firm Insitor. It is currently promoted by former Arohan Financial Services chief executive ShubhankarSengupta. Aashiyaan has even received funding from individual investors such as Columbia University professor Neeraj Kaushal and journalist SwaminathanAiyar.
Aashiyaan, has sought the National Housing Bank’s permission to do business in affordable housing segment earlier and is now looking to provide loans to build affordable houses to low-income individuals in semi-urban and rural areas in the eastern market.
It is said that Bengaluru-based Unitus Capital has advised the company in fund raising and the firm raised about Rs 13.5 crore, including Rs 5 crore each from Oikocredit and Insitor.
Indian housing finance marketis growing at 18% per annum, but it still remains significantly underpenetrated with one of the lowest mortgage penetrations compared to other countries in the world.