VCs back $8m Series B round for Shubham HDFC

Headquartered in Gurgaon, Shubham provides mortgages and home-improvement loans to low income families in urbans areas of India. With operations in 17 locations across seven states, the company has already helped hundreds of customers through its interview-based method of lending.

"Shubham's innovative operating model has the potential to change the way significant numbers of urban Indians live - by delivering critical financial services to self-employed, low-income people," said Monica Brand, head of Accion's Frontier Investments Group though which it made the investment, in a statement.

Frontier Investments leverages its specialized financial-technology expertise and Accion's experience in financial inclusion, consulting and investment in emerging markets.

"The company, through its experienced management team, has created a model that helps fill a very important gap in affordable, accessible and efficient housing financing for India's vast entrepreneurial and self-employed population," said Ash Lilani, managing partner of Saama Capital.

This is not the first time Accion has invested in the financial inclusion space. In July it joined the Pragati India Fund in committing $4.5 million to Indian microfinance company Saija Finance.

 

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