Wednesday, May 25, 2022
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Warburg Pincus Invests Rs 700 Cr In Home First Finance

Warburg Pincus invests Rs 700 cr in Home First Finance

By PTI
Published: Published Date - 09:21 PM, Fri - 2 October 20
As of March, Home First had an asset under management of Rs 3,618 crore. The investment is a combination of primary fund raise and secondary sales by existing shareholders, it said

Mumbai: Home First Finance, True North-backed affordable housing finance firm, on Friday said it has entered into an agreement with Warburg Pincus-affiliate Orange Clove Investments BV for an investment of about Rs 700 crore.

The investment is a combination of primary fund raise and secondary sales by existing shareholders, it said. Global private equity firm Warburg Pincus has bought a 25 per cent stake in the housing finance company, according to a source.

As per the agreement, all the existing shareholders including True North Fund V LLP, Aether (Mauritius) Ltd, Bessemer India Capital Holdings, and Bank of Baroda former managing director and CEO P S Jayakumar, have sold their 25 per cent stake on a proportional basis, the source said.

Prior to this transaction, while True North was holding 45.97 per cent, Aether (Mauritius) and Bessemer India owned 30.65 per cent and 16.28 per cent, respectively. The primary investment by Warburg Pincus is of Rs 75 crore and the balance is through the secondary route, the source said.

“Warburg Pincus’ investment in Home First at this juncture is an acknowledgement of Home First’s inherent strengths,” Home First Chief Executive Officer Manoj Viswanathan said in a release. He added that the company’s strong focus on the salaried customer segment, its investments in technology and deep belief in digital processes and payment mechanisms have netted excellent dividends through multiple disruptive events.

Warburg Pincus Managing Director Narendra Ostawal said, “Warburg Pincus looks forward to the partnership with True North and towards backing Manoj and the management team in its next phase of expansion.” Founded in 2010, Home First has a presence in 60 districts across 11 states and a Union territory with a significant presence in the urbanised regions of Gujarat, Maharashtra, Karnataka and Tamil Nadu.

It targets first-time homebuyers who are typically salaried customers working in small firms or self-employed customers who run small businesses. As of March 31, 2020, Home First had an asset under management (AUM) of Rs 3,618 crore with a net worth of Rs 933 crore and a gross non-performing asset of 0.87 per cent.

The New York-based Warburg has over $53 billion in private equity assets under management invested across 185 companies across sectors and geographies.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


 

  • Follow Us :
  • Tags
  • Hyderabad
  • Hyderabad Hardnews
  • Hyderabad Today
  • Telangana

Related News

  • Hyderabad adopts smart tech for sewage treatment

  • Upset woman ends life in Hyderabad

  • Golf: Boulder Hills Tigers beat Boulder Raiders 2-1 in ATUM T9 Challenge

  • JNTU-Hyderabad to offer dual-degree

  • Telangana’s Anvitha Reddy scales Mt Everest

  • Hyderabad’s Tilak Varma says playing for MI a great learning experience

Latest News

  • Opinion: Greek lessons for Asean nations

    4 hours ago
  • IPL 2022: Patidar’s 112 not out guides RCB to 14-run win over LSG

    4 hours ago
  • Editorial: Shed ambivalence on caste census

    5 hours ago
  • Using AI to predict heart episodes

    5 hours ago
  • Understanding the functions of male reproductive system

    5 hours ago
  • Centre turns miser on MGNREGS

    5 hours ago
  • Know the Mulki issue

    6 hours ago
  • Manage work and study with ease now!

    6 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam