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Varashakti Housing Finance, a Chennai-based rural housing finance provider, has secured ₹35 crore in funding from Incofin, a global impact investor. The funding will be used to expand Varashakti’s reach and provide affordable housing to more rural households in India.
Varashakti was founded in 2017 by CV Sankar and Sahaana Sankar. The company provides affordable housing loans to rural households in India. Varashakti’s loans are designed to help rural households build or improve their homes, and the company also offers a range of other financial services, such as micro-insurance and savings products.
The funding from Incofin will help Varashakti to expand its reach and provide affordable housing to more rural households in India. Varashakti plans to use the funding to increase its branch network, hire more staff, and develop new products and services.
Here are some additional details about the story:
- The funding round was led by Incofin.
- Other investors in the round include Elevar Equity and Aavishkaar.
- Varashakti has raised a total of ₹55 crore in funding to date.
- The company is headquartered in Chennai, India.
Here are some quotes from Varashakti executives:
- “We are grateful to Incofin for their investment,” said CV Sankar, CEO of Varashakti. “This investment will help us to expand our reach and provide affordable housing to more rural households in India.”
- “We are confident that this investment will help us to achieve our goal of making affordable housing accessible to all,” said Sankar.
Overall, the funding from Incofin is a significant development for the rural housing finance sector in India. The funding will help Varashakti to expand its reach and provide affordable housing to more rural households in India.”
