Vastu Housing Finance Corporation Limited (Vastu), a housing finance company backed by Multiples PE, has secured $100 million in funding from Dutch technology investor Prosus, as revealed in Prosus’s half-yearly disclosure on 2 December.
In its filing, the company said, “In October 2024, the group acquired an 8.4% effective (7.8% fully diluted) interest for approximately $100 million in Vastu Housing Financing Corporate Limited. Vastu is a housing finance company in India. The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors.”
The Competition Commission of India (CCI) gave Naspers Ventures B.V., Prosus’s fully owned subsidiary, approval to proceed with the transaction in September.
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This occurred a few months after the private equity firm TA Associates Management LP closed an undisclosed growth investment with the housing finance company. According to sources, Vastu was valued at over $1.4 billion, and the deal amount was probably over $400 million. In September, the United States International Development Finance Corporation (USDFC) additionally provided Vastu with an external commercial borrowing loan of up to $50 million.
In February, market research firm Tracxn estimated the company’s value to be around $1.2 billion.
On 2 December, the Dutch tech investor also announced that it had invested $80 million, or around Rs 680 crore, and acquired a greater than 10% share in Mintifi, an Indian supply-chain financing business.
Vastu is a pan-India diversified lending company that was founded in 2015 by Sandeep Menon and Sujay Patil. It is supported by Norwest Venture Partners, Creation Investments, 360 ONE Asset Management, Faering Capital, and Multiples Alternate Asset Management.
Vastu Housing Finance Corporation Limited (VHFCL) and its wholly owned subsidiary, Vastu Finserve India Private Limited (VFIPL), are the two main operational organizations that make up the Vastu Group.
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By 31 March 2024, the company’s standalone AUM had increased from Rs 803 crore to Rs 1,717 crore.
