Dealflow | May 24, 2017

Lok Capital backs Ummeed Housing Finance to extend low-income mortgages in India

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Delhi-based Ummeed Housing Finance has raised $5.6 million from Lok Capital and Duane Park, seven months after the two investors backed a $3.5 million Series A round.

Ummeed offers mortgages for low-income households and informal economy earners.

Activity in India’s affordable housing market is taking off, thanks to a national plan to ensure all Indians have access to an affordable place to live by 2022. The market is estimated at $135 billion; it has recently attracted investment from U.S. private equity firm KKR and ICICI Prudential.

Ummeed will use the new funding to expand throughout North and Central India.