Altum Credo is a digital payment company that has secured $40 million in its series C funding round led by Z3partners and Oikocredit. The company offers financial accessibility to first-home buyers across rural areas of the country. The startup aims to use this fresh proceed to enhance its platform and product development. Here, we are talking about Altum Credo raised $40 million in its series C round led by Z3partners and Oikocredit.
Here, we are talking about Altum Credo raised $40 million in its series C round led by Z3partners and Oikocredit:
The series C funding round was led by Okiocredit with Rs 80 crore, followed by Rs 85 crore. This round involved new and existing investors, including British International Investment, Avishkaar Bharat Fund, and Amicus Capital. Entrackr reported that the board members approved a special resolution to allot 300 equity and 1,99,99,700 CCPS at an issue price of Rs 114 each to raise $ 27 million as primary capital. The secondary transaction had 1.03,96,040 shares sold for $14 million, out of which Avishkar Bharat Fund sold Rs 79 crore worth of shares. The shares of ABF were purchased by PS Pai and their family in secondary transactions.
Altum Credo provides financial access to first-home buyers nationwide by offering home loans ranging from Rs 4 lakh to Rs 40 lakh for 5 to 20 years. The startup data intelligence site, TheKredible, reported Altum Credo to have around $149 million post-valuation. After this round, the existing investor, Avishkkar, holds the most significant external stake in this startup, with 15.92 percent. The startup reported that its operation revenue increased to 102.4%, reaching Rs 67.2 crore in FY23. TheKredible reported the startup’s profit increased by 99% and reached the Rs 8.95 crore mark in FY23.
Founded by Ganesh Rao, Vikrant Bhagwat, and Ashish Tewari, this startup claims to provide tailor-made and affordable products with an EMI option, allowing its customers to get their first home sustainably. The startup will use the funding amount to strengthen its platform and make it more secure for its users. The startup offers many services, including low interest rates on home loans and low processing fees. The startup aims to become a tech-driven affordable housing finance industry leader.
Conclusion
Altum Credo has secured $40 million in its series C round led by Oikocredit and Z3partners. The startup aims to use this fresh proceed to enhance its platform and product development. This round was led by Oikocredit and involved new and existing investors, including British International Investment, Avishkaar Bharat Fund, and Amicus Capital.
This startup provides tailor-made and affordable products with an EMI option, allowing its customers to get their first home sustainably. The board members approved a special resolution to allot 300 equity and 1,99,99,700 CCPS at an issue price of Rs 114 each to raise $ 27 million as primary capital. After this round, the existing investor, Avishkkar, holds the most significant external stake in this startup, with 15.92 percent. TheKredible reported Altum Credo to have a post-allotment valuation of around $149 million.
