Vastu Housing Finance, a player in India's affordable housing finance sector, has raised $100 million from global consumer internet group Prosus. The Amsterdam-based investor has acquired an 8.4 per cent stake (7.8 per cent fully diluted) in the company. This funding will support Vastu Housing’s mission to provide financial solutions to underserved communities.
In a previous boost, Vastu secured a USD 50 million loan from the United States International Development Finance Corporation (USDFC) in September, further cementing its position in the sector. This follows a wave of significant funding in the housing finance space. Recently, Easy Home Finance raised USD 35 million in a funding round led by Ranjan Pai’s family office, and Basic Home Loan raised USD 10.6 million in a Series B funding round. Vridhi Home Finance also raised USD 35 million in October, led by Norwest Venture Partners.
Prosus, the global investor, is also expanding its portfolio with a significant investment in Mintifi, a B2B supply chain financing firm. The group invested USD 80 million in Mintifi, acquiring a 10.65 per cent interest in the company. Mintifi offers customized financing solutions to small and medium enterprises (SMEs), focusing on the last-mile distribution network and providing invoicing and payments solutions.
Mintifi, which had raised around $170 million in previous rounds, including a Series D round of USD 110 million in March 2023, competes with companies like KredX and Oxyzo (OfBusiness’ B2B arm). The firm, founded by Anup Agarwal, Ankit Mehta, and Sanjoy Shome, reported Rs 232.49 crore in revenue in FY23 but posted a loss of Rs 24 crore.
