Swamih Investment Fund I has agreed to invest Rs 171 crore ($22.8 million) in Dehradun-based Windlass Developer’s township Windlass River Valley.
The funding will help the company to complete the 35 acre project.
Swamih Investment Fund I was set up under the government of India to provide last-mile funding for completion of stuck housing projects.
Suresh Kozhikote, chief executive officer of SBICAP Ventures, said that the fund is pursuing more deals in Dehradun and looking to increase presence across India.
Ashika Capital acted as an advisor on the transaction.
Windlass Developer comes under Windlass Group.
Incorporated in 1943 in Dehradun, Windlass Group operates in steelcraft (sword manufacturing), oil field equipment manufacturing, garment manufacturing, hospitality, retail and real estate.
Swamih Investment Fund I has backed a string of projects in the residential segment since its inception.
In October last year, Bengaluru-based Mantri Developers Pvt. Ltd said it had received funding from the fund to finish a housing project.
Special Window for Affordable and Mid-income Housing (Swamih) Investment Fund I was set up a few years back.