Morgan Stanley puts Rs 164 crore in Ummeed Housing Finance
Morgan Stanley has picked up an equity stake in Ummeed Housing Finance in the company’s Rs 164-crore series-D funding round. Ummeed Housing is backed by Swiss investor LGT, which has acquired India-focused fund Aspada from Soros Economic Development Fund.
The latest funding round has been led by a fund managed by global investor Morgan Stanley Private Equity Asia, which acquired a minority stake in the company. Investment bank Avendus Capital acted as the financial adviser to the company on the transaction. Existing investor LGT Lightstone Aspada also participated in the round. This equity round comes on the back of the $10-million equity raised in September 2018.
Ummeed Housing set up shop in 2016 and is focused on the informal and the low-income segment, predominantly in tier-2 and -3 towns. The company is a new-age lender having built a fully digitised loan approval and disbursal process, which allows for a quick turnaround of customer requests.