Ummeed Housing Finance receives sanction of upto Rs 160 cr from US DFC

Marquee investors-backed Ummeed Housing Finance (UHFPL), a digital affordable housing finance company, on Monday said it has received a sanction of up to USD 20 million (about Rs 160 crore) from the US International Development Finance Corporation (DFC). The funding will be used to provide long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 & 4 cities in the country, the company said in a statement. The company said it is backed by the four marquee investors -- Norwest Venture Partners, Morgan Stanley Private Equity Asia, Lightrock, and CX Partners. "This is an important transaction that will provide vital financing to support increased access to affordable housing in India," said James Polan, Vice President of DFC's Office of Development Credit. DFC is the US government's development finance institution that works with the private sector to channel development capital into emerging ...

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