Aptus Value Housing Finance India Ltd said on Thursday it has raised Rs 200 crore ($31 million) through debentures from a mutual fund.
The housing finance company will use the capital to expand its business, it said in a press release. 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.
Founded by M. Anandan, 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.
Last year, the Chennai-based lender raised Rs 270 crore (around $40 million) in a follow-up funding round from WestBridge Capital Partners LLC and Caspian Impact Investment Advisors.
WestBridge had earlier put in around Rs 100 crore in 2014 to back the lender while Caspian had invested around Rs 30 crore in 2012.