IFC to invest more in WestBridge-backed Aptus Value Housing
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International Finance Corporation plans to invest $15 million (Rs 100 crore) in Aptus Value Housing Finance India Ltd, doubling its exposure to the mortgage lender.

IFC will make the proposed investment through senior secured non-convertible debentures (NCDs) with a tenor of seven years, the World Bank's private-sector investment arm said in a disclosure.

The investment is aimed at helping the company increase its reach in the affordable housing finance segment, IFC said.

The World Bank arm had first invested $15 million via NCDs in Aptus in April 2016. The investment was part of the $38 million that IFC invested in three mortgage lenders.

Chennai-based Aptus has a large branch presence in Tamil Nadu, Telangana, Andhra Pradesh, Karnataka and Pondicherry.

The company was founded by M Anandan, who held a 31.7% stake as of December 17. Its other major shareholders include WestBridge Crossover Fund LLC (41.7%), India Financial Inclusion Fund (10.2%) and GHIOF Mauritius (11.1%), IFC said.

Private equity firm WestBridge Capital had initially put in around Rs 100 crore in Aptus in 2014 while impact investor Caspian's India Financial Inclusion Fund had put in Rs 30 crore in 2012.

In 2016, WestBridge and Caspian invested a total of Rs 270 crore in Aptus.

In December, Aptus raised Rs 200 crore ($31 million) through debentures from a mutual fund. The company will use the capital to expand its business, it said at the time.

The company aims to increase its loan book to Rs 5,000 crore over the next three years from about Rs 1,250 crore currently.

Aptus offers loans in the range of Rs 5-25 lakh to self-employed people for buying affordable housing units. It claims to have developed a unique cash flow and standard of living assessment for each customer even in the absence of conventional income documents.

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