Aviom Housing Finance raises $30 mn from Nuveen to expand mkt reach

Aviom India Housing Finance on Tuesday announced a USD 30 million fundraise from global investment management firm Nuveen in a new funding round.

The New Delhi-based company will be deploying the fresh funds to expand its market reach and further strengthen its operational capacities, a statement said.

Existing investor C4D Partners has partially exited its holding in the company by selling stake to Nuveen, it said, without divulging the exact stake sold or the money paid by Nuveen in the secondary deal.

Aviom caters to low-income households in rural and semi-urban areas, providing them with construction, improvement, sanitation, and renovation loans.

Its founder, managing director and chief executive Kajal Ilmi said the newly raised funds will support its efforts on amplifying the company's market reach.

The statement said C4D Partners has achieved excellent returns on their investment, and added that since the investment, gross loan portfolio has grown seen times, employee strength has increased to 2,211 from 323 and the network expanded to 118 branches in 12 states.