PE Fund Investments
Affordable home loans player Nivara raises Rs.245-Cr led by True North
Bengaluru-based Nivara Home Finance has raised INR 245 crore in a Series B round led by True North. The round also saw participation from Baring PE India and the company’s promoters.True North, via True North Fund VII will invest INR 170 crore, Baring PE India and the promoters, Sunil Rohokale and Monik Koticha, will contribute INR 50 crore and INR 25 crore, respectively.The fresh funds will be used by the company to enhance proprietary technology platforms, for expansion, to strengthen distribution networks and develop credit solutions.Founded in 2015 by CV Rao, Sunil Rohokale and Monik Koticha, Nivara provides affordable housing finance to micro-entrepreneurs and salaried customers. The ticket size for the firm’s housing loans ranges between INR 5 lakh and INR 7.5 lakh. Nivara serves customers across Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra, through its network of 63 branches.
In Mar-24, Nivara had attracted about USD 10 M from Baring India.For FY24, Nivara had reported about INR 74 Cr in Operating Income and about INR 5 Cr in PAT.
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