Varashakti Housing Finance to serve 30,000 borrowers in 5-7 years

Varashakti Housing Finance Pvt. Ltd. (VHF) has drawn up plans to increase its business multi-fold in the next 5-7 years.

As of June 2023, the company reported Assets Under Management (AUM) of ₹119 crore. Going forward, the lender said it plans to increase this to ₹1,750 crore.

Founded in 2017, VHF, which has 28 branches spread across three southern states, offers home loans, home improvement loans, loans against property and small ticket business loan.

Till date, it has catered to over 4,200 home loan borrowers. In the next 5-7 years, the plan is to serve over 30,000 borrowers.

On Monday, the company announced that it had secured a funding of ₹35 crore by partnering with Impact Investment Manager Incofin.

Incofin had made the investment through India Progress Fund, which is registered with SEBI, to invest in the Indian rural affordable housing segment.

VHF co-founder and director Sahaana Sankar said the funding would allow the company to expand its business, scale up the organisation and further impact the lives of the rural underserved segment.