Orange Clove Investments BV (an affiliate of Warburg Pincus LLC) is set to invest INR 700 Cr in Mumbai based real estate and lending tech company Home First Finance Company.
HFFC was founded in 2010 by Jaithirth Rao and has established its presence in 60 districts across 11 states in a span of 10 years. The company provides home loans to customers from low and middle-income segments. The company’s customers are typically salaried customers who work in small firms or are self-employed, running small businesses.
Manoj Viswanathan, chief executive officer at Home First Finance said, “Warburg Pincus’ investment in Home First at this juncture is an acknowledgment of Home First’s inherent strengths, Warburg Pincus joins existing PE shareholders True North and Bessemer Venture Partners.
”Narendra Ostawal, Managing Director, Warburg Pincus said, “Home First has had a remarkable journey to become a leading affordable housing finance company in a relatively short span of 10 years. It is helmed by a very talented team and robust operating processes that continue to steer the company to do well through the pandemic and to leverage the growth potential of the affordable segment. Warburg Pincus looks forward to the partnership with True North and towards backing Manoj and the management team in its next phase of expansion, Warburg has raised around 19 private equity funds, which have invested more than $79 Bn in more than 880 companies in more than 40 countries.”
The Warburg investment will be a combination of primary fundraise and secondary sales by existing shareholders. Warburg Pincus joins existing PE shareholders True North and Bessemer Venture Partners.