The company today said that WestBridge Capital, which has earlier invested around Rs 100 crore into the company in in fiscal year 2014-15, is infusing around Rs 245 crore, while around Rs 25 crore will be infused by India Financial Inclusion Fund (IFIF), which has invested into the company in the first round of funding, in fiscal year 2012-13.
International Finance Corporation (IFC) has also committed infusion of Rs 100 crore into the company, in debuntures.
"The fund raising is to help the company to improve its capital, which would boost its ratings. Majority of the funds would be used for expansion of its network and assets under management (AUM), while the rest would be used for technology development and upgradation," said M Anandan, founder and CEO, Aptus Value Housing. Around 60 per cent of the equity is currently owned by private equity players.
The company focuses on catering informal income category or the self employed category of customers, at a ticket size of Rs 5-15 lakh. The cumulative disbursement for the fiscal year 2015-16 was Rs 700 crore, which has grown to Rs 850 crore till date in the current financial year. The company is expecting an AUM of Rs 900 crore during the current fiscal year, with a growth from Rs 475 crore during the previous year. It is targeting a portfolio of Rs 5,000 crore in the next four years.
It currently has around 76 branches, of which around 42 are in Tamil Nadu. Plans are to increase the number of branches to 80 soon and to around 100 by end of March, 2017.
The Economically Weaker Section (EWS) and Low Income Group (LIG), which are up to Rs 20 lakh, has been growing over a period of time, he added.
