Swarna Pragati Housing Microfinance, a Chennai-based housing finance company, has raised ₹50 crore in debt funding from State Bank of India. The firm will use the funds to grow its loan portfolio and strengthening presence in the rural affordable housing market.
The latest funding follows a 2015 Series B funding round from Zephyr Peacock, Omidyar Network, Aavishkaar Ventures, and Asha Impact.
“The affordable housing market presents an unprecedented opportunity in India right now for the rural housing credit market,” said Ramesh Kumar, Chairman and Managing Director of Swarna Pragati.
“With the help of State Bank of India and our others funders, we’re redefining an industry by putting the needs of the consumer at the centre of what we do, helping thousands of families reach their full potential.”
To date, the company has provided more than ₹170 crore in housing finance to more than 17,000 borrowers across Maharashtra, Odisha, Karnataka, Tamil Nadu and West Bengal, among other States.