Former HDFC executives start home loan venture, bag Rs 800 cr from PEs

Weaver Services, a non-bank lender formed by former executives of erstwhile home finance major HDFC, on Thursday, announced that it has bagged Rs 800 crore in commitments from private equity funds.

Gaja Capital and Lok Capital have made the commitment, which will be utilised for fuelling the company's pan-India plans and also for a Rs 267-crore acquisition of Capital India Home Loans, as per an official statement.

"I am happy to see a team of former colleagues and partners unite to establish a housing finance company dedicated to addressing the needs of an under-served segment of society," Keki Mistry, former vice chairman and chief executive of HDFC, said in the statement.

After securing necessary regulatory approvals and acquisition completion, Weaver is aiming to launch home loan products for self-employed individuals in the unorganised sector, particularly in Tier 2 and Tier 3 towns, the statement added.

HDFC's former head of merger and acquisitions Satrajit Bhattacharya, and other former HDFC executives are a part of the team, it said.

Following the acquisition, Bhattacharya will assume a non-executive role, continuing to guide the company's strategic vision.