Shubham Housing Development Finance Company Funding, Investors & Competitors

Shubham Housing Development Finance Company has raised $331M across 5 funding rounds, most recently a $118M Series F in December 2024.

Last Shubham Housing Development Finance Company funding round

$118M

Series F · Dec 2024

Cumulative funding Shubham Housing Development Finance Company raised

$331M

across 5 funding rounds

Key investors in Shubham Housing Development Finance Company

  • Premji Invest
  • British International Investment
  • Saama
  • Helion Venture Partners
  • Elevar Equity
  • LeapFrog Investments
  • Asian Development Bank
  • Motilal Oswal Private Equity

Shubham Housing Development Finance Company Overview

About Shubham Housing Development Finance Company

Shubham Housing Development Finance Company is a Mumbai-based non-banking financial institution offering home loans and improvement financing to low-income urban families in India. Incorporated in 2007, it employs alternative underwriting via income flow assessments, disbursing over INR 1,000 crore annually. Shubham operates branches in Maharashtra and Gujarat, partnering with Habitat for Humanity.


Founded

2010

HQ

IndiaHaryana

Website

shubham.co

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Shubham Housing Development Finance Company Funding History

Shubham Housing Development Finance Company has raised a total of $331M across 5 funding rounds, plus 1 secondary share sale.

Shubham Housing Development Finance Company's first fundraising round was a $20M Series C in September 2014. The most recent completed round was a $118M Series F in December 2024.

Shubham Housing Development Finance Company funding rounds

Shubham Housing Development Finance Company funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2026SecondaryCreador (lead); LeapFrog Investments$96M-
Dec 2024Series FMultiples (lead); Asian Development Bank; British International Investment$118MShubham Housing Development Finance Company Limited is an affordable housing finance lender providing home loans to lower-income families and emerging consumers across India, operating in 12 states through over 160 branches and more than 3,300 employees. The company focuses on delivering credit solutions to unserved and underserved segments with a strong distribution network and cycle-tested underwriting capabilities. On December 10, 2024, it raised a Series F investment of over INR 1,000 crore (approximately $118 million), led by Multiples Private Equity with participation from existing investors Asian Development Bank and British International Investment. The round included a primary issuance of INR 400 crore and a secondary purchase from early investors, with Multiples acquiring a significant minority stake; Nithya Easwaran from Multiples joined the board. The funds are intended to drive growth across product offerings and expand footprint, targeting assets under management (AUM) of INR 6,500 crore by the end of the current financial year from INR 4,553 crore as on June 30, 2024. AUM has grown at a CAGR of around 28-29% over the last five years. As of December 31, 2024, tangible net worth stood at INR 1,880 crore (up from INR 1,366 crore on March 31, 2024) and AUM at INR 5,356 crore, supported by the recent capital raise and internal accruals; capital adequacy ratio was 46.2% and gearing 1.8 times. Financial performance includes total operating income and profit figures in rating reports, with profit after tax of INR 136 crore in FY2024, rising to INR 175 crore in FY2025 and INR 62 crore in Q1 FY2026; total income was INR 616 crore in FY2024, INR 824 crore in FY2025, and INR 255 crore in Q1 FY2026. Return on average tangible assets was 2.9% and return on average tangible net worth 13.8% as of December 31, 2024. Gearing remained low at around 2.6 times into 2025, with AUM scaling to INR 6,530 crore by June 30, 2025. Avendus acted as the exclusive financial advisor.
Jun 2022Series EAsian Development Bank (lead); British International Investment (lead); LeapFrog Investments (lead); Premji Invest$111MShubham Housing Development Finance Company Limited (Shubham) is an affordable housing finance company headquartered in New Delhi, India, providing home loans and home improvement loans to low-income, self-employed families in urban and semi-urban areas using an interview-based underwriting approach instead of document-based methods. The company targets customers outside traditional lending institutions, focusing on urban low-income and informal income segments to enable home ownership through formal credit. Incorporated on February 23, 2010, it operates as a public limited company with authorized share capital of INR 19.30 crore and paid-up capital of INR 8.50 crore as per older records. The specific funding round on June 29, 2022, involved shareholder liquidity and secondary transactions with investors including Asian Development Bank, British International Investment, and LeapFrog Investments. Later developments include primary equity raise of Rs. 400 crore in FY2025, boosting net worth to Rs. 1,962 crore as of March 31, 2025 (Rs. 2,028 crore by June 30, 2025) from Rs. 1,385 crore as of March 31, 2024, with gearing at 2.6x and CRAR at 43.6%. Shubham has shown strong growth, with assets under management (AUM) reaching Rs. 6,530 crore as of June 30, 2025 (Rs. 6,034 crore as of March 31, 2025; Rs. 4,594 crore as of March 31, 2024), reflecting a CAGR of ~29% over FY2020-FY2025. Disbursements over the past eight quarters to June 2025 equaled 83% of AUM, driven by buoyant demand despite limited portfolio seasoning. The company, backed by investors like Multiples PE, Premji Invest, and others, continues expansion into smaller cities, sustains loan growth and profitability, and eyes exits as noted in 2024-2025 reports.
Jan 2018Series DPremji Invest (lead); Frontier Investment Management; Elevar Equity; Helion Venture Partners; Saama$48MShubham Housing Development Finance Company is an affordable housing finance provider established in 2010 that focuses on providing home loans to families with informal incomes in urban and semi-urban areas across India. The company provides formal credit to customers who fall outside the ambit of traditional lending institutions, using interview-based underwriting rather than document-focused approaches. At the time of the Series D round, the company operated 87 branches across 12 states and union territories and maintained a loan book of approximately Rs 1,000 crore with an average ticket size of Rs 6 lakh per loan. In its Series D round announced in January 2018, Shubham Housing raised Rs 305 crore (approximately $48 million) from multiple investors. Premji Invest led the round by investing Rs 215 crore directly into the company, while existing investors Helion Venture Partners and Elevar Equity each contributed Rs 10 crore. The round structure also included Rs 70 crore allocated to provide an exit for earlier-stage investors Accion's Frontier Investment Group and Saama Capital. The company was valued at Rs 500 crore on a post-money basis prior to this round. The company demonstrated strong revenue growth trajectory heading into and through the round period. In fiscal 2017, Shubham reported revenue of Rs 150 crore. For the nine-month period in the then-current fiscal year, the company had generated Rs 125 crore in revenue and projected full-year revenue of Rs 175 crore. The company had also secured approximately Rs 800 crore in debt funding from various lenders to support its growth. Shubham's expansion ambitions were substantial, with management targeting a loan portfolio expansion to Rs 5,000-6,000 crore by 2021 from the then-current Rs 1,000 crore base. While the company had experienced profitability challenges in the prior year due to demonetization-related delinquencies and higher provisioning requirements, management expected profitability to recover significantly in subsequent periods as the informal-to-formal income transition accelerated.
Sep 2017Undisclosed stagePremji Invest (lead)$35MShubham Housing Development Finance Company is an affordable housing finance provider in India, offering home loans, home improvement loans, and loans against property to low-income and self-employed families without formal income proof, operating an interview-based underwriting model for financial inclusion. Founded in 2010 and headquartered in Gurgaon/New Delhi, it targets urban and semi-urban markets with 88 offices across 12 states as of 2017. On September 25, 2017, PremjiInvest acquired a 45% stake for $35 million (Rs225 crore), valuing the company at Rs500 crore and making PremjiInvest the single-largest shareholder. Existing investors like Saama Capital and Accion Frontier Inclusion Fund exited, while Motilal Oswal Private Equity, Helion Advisors, and Elevar Equity remained. This followed prior raises: $8 million in 2012 and Rs122 crore in a 2014 Series C led by Motilal Oswal. The company reported total income of Rs141.54 crore for the year through March 2017, up from Rs51.9 crore in 2014-15 (more than doubled from Rs24.8 crore in 2013-14), with profit at Rs1.03 crore in 2014-15. It had disbursed around INR1200 crore ($183 million) in loans by then and aimed to raise $100 million for loan portfolio expansion and national network growth. Shubham continued scaling post-2017, with later investors including Leapfrog and others; by 2023, it had Rs4,105 crore in managed assets, 142 branches, and profit of Rs67 crore in H1 FY2024.
Sep 2014Series CMotilal Oswal Private Equity (lead); Accion; Elevar Equity; Helion Venture Partners; Saama$20M-

Who has invested in Shubham Housing Development Finance Company?

12 investors have backed Shubham Housing Development Finance Company across its funding rounds, including Premji Invest, British International Investment, Saama, Helion Venture Partners, Elevar Equity and LeapFrog Investments.

Lead investors include Creador, Multiples, Asian Development Bank, British International Investment, LeapFrog Investments and 2 other investors.


Shubham Housing Development Finance Company Investors

Investors in Shubham Housing Development Finance Company by funding rounds participated
InvestorHQRoundsRoleFirst check
Premji InvestIndiaBangalore3LeadSep 2017
LeapFrog InvestmentsSouth AfricaJohannesburg2LeadJun 2022
Asian Development BankPhilippinesManila2LeadJun 2022
British International InvestmentUnited KingdomLondon2LeadJun 2022
Elevar EquityUnited StatesSeattle, WA2ParticipantSep 2014
Helion Venture PartnersMauritiusPort Louis2ParticipantSep 2014
SaamaIndiaBangalore2ParticipantSep 2014
Motilal Oswal Private EquityIndiaMumbai1LeadSep 2014
AccionUnited StatesWashington, DC1ParticipantSep 2014
MultiplesIndiaMumbai1LeadDec 2024

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Shubham Housing Development Finance Company Competitors

Shubham Housing Development Finance Company competitors include listed companies like Brookfield, Brookfield Asset Management, American Healthcare REIT and Charter Hall Group, and private ones like CREED and IIFL Home Loan.

Public and private companies comparable to Shubham Housing Development Finance Company
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BrookfieldCanadaCanadaPublicly listed$75B$32B$83B59.5x
Brookfield Asset ManagementCanadaCanadaPublicly listed$4.6B$3.2B$73B13.6x
American Healthcare REITUnited StatesUnited StatesPublicly listed$2.3B$360M$12B4.9x
CREEDUnited StatesNew York City, NYPrivate--$6.4B-
Charter Hall GroupAustraliaAustraliaPublicly listed$319M-$6.2B10.8x
IIFL Home LoanIndiaGurgaonPrivate$292M-$5.9B20.2x

Shubham Housing Development Finance Company Public Comps

Shubham Housing Development Finance Company is still privately-owned, but its public comps include Brookfield, Brookfield Asset Management, American Healthcare REIT, Charter Hall Group, Piramal Finance, Rithm Capital, Mirvac Group, Millrose Properties, State Grid Yingda and Fibra Mty.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Brookfield$75B$32B6.1x59.5x14.4x64.8x
Brookfield Asset Management$4.6B$3.2B17.6x13.6x25.1x24.6x
American Healthcare REIT$2.3B$360M5.8x4.9x36.3x27.5x
Charter Hall Group$319M-20.4x10.8x-13.0x
Piramal Finance$1.1B$179M12.1x18.9x73.1x-
Rithm Capital$2.9B-14.1x7.4x--
Mirvac Group$1.8B$524M4.1x4.7x14.4x12.4x
Millrose Properties$600M$484M12.0x9.6x14.9x11.2x

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Common questions about Shubham Housing Development Finance Company

When was Shubham Housing Development Finance Company founded?Shubham Housing Development Finance Company was founded in 2010.
Where is Shubham Housing Development Finance Company headquartered?Shubham Housing Development Finance Company is headquartered in Haryana, India.
Is Shubham Housing Development Finance Company publicly listed?No, Shubham Housing Development Finance Company is a private, VC-backed company.
How much funding has Shubham Housing Development Finance Company raised?Shubham Housing Development Finance Company has raised $331M across 5 funding rounds.
What was Shubham Housing Development Finance Company's last funding round?Shubham Housing Development Finance Company's last funding round was a $118M Series F in December 2024, led by Multiples.
Who are Shubham Housing Development Finance Company's investors?Shubham Housing Development Finance Company's investors include Premji Invest, LeapFrog Investments, Asian Development Bank, British International Investment, Elevar Equity, Helion Venture Partners, Saama, Motilal Oswal Private Equity, Accion, Multiples and 2 others.
Which companies are comparable to Shubham Housing Development Finance Company?Companies comparable to Shubham Housing Development Finance Company include Brookfield, Brookfield Asset Management, American Healthcare REIT, CREED, Charter Hall Group and IIFL Home Loan.

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