In this fast-paced modern world, hunting for a reliable finance partner who understands your monetary requirements is imperative. Not to mention, the market is packed with a bunch of financial institutions that are willing to provide various kinds of loans.
However, picking the best housing finance company in such a situation can be difficult, and that’s where Vridhi Home Finance comes into play. Vridhi Home Finance is a Tech-enabled Brick-and-mortar housing finance company that has emerged as a trusted brand. Continue reading to learn more about Vridhi Home Finance.
Overview of Vridhi Home Finance and its Founders:
As mentioned, Vridhi Home Finance is a tech-enabled financial institution offering top-notch financial services tailored to clients’ needs. In addition, Vridhi Home Finance claims to provide a seamless loan journey to its customers, resulting in a hassle-free loan borrowing experience that customers appreciate.
Established in Banglore, Karnataka, Vridhi Housing Finance was incorporated as a publicly traded company per the Companies Act of 2013. Vridhi lending institution caters to individuals with home purchase and construction needs. Besides this, they also provide home renovation and home expansion loans.
This year, the startup obtained its NBFC – HFC license and opened 20 branches with over 225 individuals across Karnataka and Andhra Pradesh.
Vridhi Home Finance was established in 2020 by seasoned promoters with 75 years of experience in the banking and financial services domain, including Sunku Ram Naresh, the chief executive officer; Sunil Mehta, the chief finance officer; and Sandeep Arora, the chief operating officer.
Vridhi Home Finance intends to design a channel for secured housing loans with an average amount of Rs 6- 8 lakhs for self-employed and salaried professionals who have previously encountered challenges in obtaining formal credits. Plus, such lending institutions only fund 50% of the property’s value and exclusively offer loans to first-time home buyers.
Overview of Fundings at Vridhi Home Finance
Vridhi Housing Finance has successfully managed to raise Rs 150 crores in their series A round, headed by Elevation Capital, and such a round is considered a maiden fundraising for the brand.
According to the founders, such fresh funding will be utilized for geo-expansion in North Karnataka and Andhra Pradesh to reinforce the tech stack and build a liability franchise. Besides this, the lending startup collaborates with reputed loan management software (LMS) providers and digital onboarding systems to ensure a paperless and reliable operational process.
With a significant boost in funds, Vridhi Home Finance is determined to make homeownership a reality for many. CEO Sunku Ram Naresh emphasizes their commitment to providing accessible housing solutions. The Indian housing finance sector has substantial growth potential, evident in its $300 billion AUM for housing loans, growing at a steady 12% CAGR from FY 18-21.
Wrap Up
Vridhi Home Finance, a tech-enabled lending institution, has been recognized as one of the trusted startups due to its edge-killing fintech solutions. The founders’ extensive experience in finance adds credibility, and their commitment to a seamless and paperless process ensures an efficient approach to meeting clients’ diverse housing finance needs.
