British International Investment (BII) is investing another Rs 70 crore ($8.2 million) in Altum Credo, a housing finance company. As per filings with the Registrar of Companies (RoC), Altum Credo will issue over 40 lakh Series C1 shares at Rs 173 each to raise the funds. Before this round, BII held a 9.04% stake in the company. With the new investment, its stake will increase to 12.55%. Aavishkaar Capital continues to be the largest shareholder with 14.27%. The capital will be deployed to scale Altum Credo’s lending portfolio and expand its footprint into newer geographies. The Pune-based company has been building traction in affordable housing finance, a segment witnessing strong demand across tier-II and tier-III cities. Last April, the Pune-based company raised $40 million through a mix of primary and secondary transactions led by Z3Partners and Oikocredit. So far, Altum Credo has raised around $80 million in total funding, according to TheKredible.
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