Shubham raises Rs 1 000 cr in a round led by Multiples

Mumbai, Dec 10 (PTI) Shubham Housing Development Finance on Tuesday announced a Rs 1,000 crore fundraise in a round led by Multiples Private Equity.
    Existing investors Asian Development Bank (ADB) and British International Investment (BII) also participated in the round, which consists of a mix of primary and secondary transactions.
    Multiples will hold a significant minority stake in the company post-transaction.
    The deal comprises a primary issuance of Rs 400 crore along with a secondary purchase from early investors, the statement said.
    Multiples' managing director Nithya Easwaran, who will enter the company's board post deal, said the Shubham has a strong focus on asset quality and expertise in micro markets.
    The company, an affordable housing finance lender that provides home loans to lower-income families and emerging consumers across the country, will use the funds to drive growth across its product offerings and expand its footprint.
    The Gurugram-headquartered company started in 2011 and has financed the purchase of over 1 lakh houses in the country so far, and its assets under management stand at over Rs 5,000 crore..
    It operates in 12 states through 160 branches and employs over 3,300 people at present.
    Avendus acted as the exclusive financial advisor to Shubham and its shareholders on this transaction.

(This story has not been edited by THE WEEK and is auto-generated from PTI)