India-based online lending platform Shubham Housing Development Finance Company has reportedly closed $48m Series D round.
The investment was led by PremjiInvest and also received participation from Helion Venture Partners and Elevar Equity, according to various reports in the media. Frontier Investment Group and Saama Capital have exited the company, the articles state.
Shubham is a housing finance solution that that offers loans for home improvements, purchasing a new house, extensions, refinancing, mortgage buyout and travel, among others. The company hopes to improve financial inclusion by offering loans to people without an income proof on paper. Instead, Shubham uses data about where a consumer is from, what they do, how much they earn, spend and save, to build a profile.
Last year, PremjiInvest reportedly invested $35m in to Shubham, taking a 45 per cent stake in to the company. Shubham was said to be looking to raise around $100m in private equity funding to help support the expansion of its loan portfolio.
The FinTech sector in India last year was dominated by India, with the country representing just under 55 per cent of the funding in the region. Of the $7.3bn that was invested in to the country, $6.1bn was deployed in to payments and remittances companies.