Nivara Home Finance Raises $28M to Expand Affordable Housing Solutions

C V Rao, Nivara Home Finance CEO and Managing Director

Nivara Home Finance Ltd has raised ₹245 crore (~USD 28 million) in its series B round led by private equity firm True North. 

Other existing investors in the round were Baring PE India and its promoters–Sunil Rohokale and Monik Koticha, the company said in a statement on Monday.

True North has invested ₹170 crore from its seventh fund, while Baring and the promoters have contributed ₹50 crore and ₹25 crore respectively, according to the statement. The company did not reveal details on the valuation.

The new funding round comes less than a year after Nivara raised ₹83 crore (or $10 million) in its series A round led by Baring in March 2024 at a valuation of around $54.6 million.

In the initial years, the company functioned as a bootstrapped business and infused about ₹100 crore prior to the first round of equity funding. This new capital infusion will enable Nivara support its expansion plans to enhance its proprietary technology platform, extend its geographic presence into new markets, strengthen its distribution network, and develop innovative credit solutions.

“We believe the Indian affordable housing sector is poised for substantial growth and Nivara is at the forefront of this transformation. Having closely observed the sector's evolution, we are confident that Nivara, with its innovative approach, strong customer focus, and proven track record, is well-positioned to gain significant market share,” True North’s partner Maninder Singh said in the statement.

Source: Mint