HomeFirst, a technology-driven affordable housing finance company, has raised Rs 280 crore from IFC, a member of World Bank Group. This is the company’s maiden green housing-focused long-term debt. With this, HomeFirst has further diversified its borrowing sources through the issuance of INR-denominated, senior secured, rated, unlisted, redeemable Non-Convertible Debentures with a tenor of up to seven years.
The company aims to utilise the money raised to provide financing for retail buyers of affordable housing and green affordable housing units, encourage homeownership for low-income segments and support the development of green affordable housing.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. It will provide non-financial support in terms of knowledge, innovation and capacity building through advisory engagement and non-commercial risk mitigation through IFC Advisory services.
Manoj Viswanathan, MD and CEO of HomeFirst said, “This is a huge vote of confidence for HomeFirst’s business model and its strong risk-management process. We believe this partnership has a strong potential to enhance financial inclusion and Green Housing in India.”
Vishwanathan added that this fundraising will further help the company in realising its mission to be the fastest provider of home finance for the aspiring middle class.
HomeFirst targets first time home buyers in low and middle-income groups. It primarily offers housing loans for the purchase or construction of homes. The company has diversified lead generation channels with a wide network of connectors