Truhome Finance Acquisition, Valuation, Funding & Investors

Truhome Finance was acquired by Warburg Pincus for $550M in May 2024, a 3.2x multiple on $171M of revenue.

Truhome Finance acquisition price

$550M

Acquired by Warburg Pincus · May 2024

Truhome Finance revenue at acquisition

$171M

Last twelve months · May 2024

Truhome Finance revenue multiple at acquisition

3.2x

EV/Revenue · May 2024

Cumulative funding Truhome Finance raised

$87M

across 2 funding rounds

Truhome Finance Overview

About Truhome Finance

Truhome Finance is an Indian housing finance company offering home loans, construction finance, and loans against property for salaried and self-employed borrowers. Headquartered in Chennai, it operates over 200 branches across 15 states following its rebranding from Shriram Housing Finance after a 2023 acquisition by Warburg Pincus. Truhome Finance disburses over INR 5,000 crore annually in affordable housing loans under PMAY schemes, targeting tier-2 and tier-3 cities.


Founded

2010

HQ

IndiaChennai

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Revenue

$215M (Oct 2025)

Valuation

$550M (acquired May 2024)

Truhome Finance Acquisition

Truhome Finance was acquired by Warburg Pincus for $550M on 13 May 2024.

The acquisition price implies a 3.2x revenue multiple on $171M of revenue.

Before the acquisition Truhome Finance had raised $87M across 2 funding rounds.

Warburg Pincus acquired Truhome Finance, the Indian housing finance company formerly known as Shriram Housing Finance, in 2024. The business was previously a wholly-owned subsidiary of Shriram Finance and was sold to Mango Crest Investment, a Mauritius-based vehicle of Warburg Pincus funds. Warburg's acquisition cost was Rs 130.66 per share. Mango Crest is wholly owned by Mulberry Inlet Investment, which is held by private equity funds and vehicles managed by affiliates of Warburg. Truhome Finance is a mortgage lender founded in 2010 and based in Chennai. It serves more than 110,000 live loan accounts with assets under management of about Rs 211 billion. Following the acquisition Warburg's vehicle held about 98 percent of the company, and Truhome later filed for a Rs 3,000 crore initial public offering.

Truhome Finance acquisition details
AcquirerDateTypePriceEV/Revenue
  • Warburg Pincus
13 May 2024PE buyout$550M3.2x

Sources: chanakyanipothi.com, compoundingai.substack.com, newindianexpress.com

Truhome Finance Revenue

Truhome Finance's latest recorded revenue is $215M, as of its undisclosed-stage round in October 2025.

Truhome Finance revenue by funding round

Truhome Finance revenue and valuation multiple by funding round
DateRevenue *Stage
Oct 2025$215MUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Truhome Finance Funding History

Truhome Finance has raised a total of $87M across 2 funding rounds.

Truhome Finance's first fundraising round was a $40M strategic investment round in October 2021. The most recent completed round was a $47M undisclosed-stage round in October 2025.

Truhome Finance funding rounds

Truhome Finance funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2025Undisclosed stageWarburg Pincus (lead)$47MTruhome Finance, formerly Shriram Housing Finance, is a retail-focused affordable housing finance company founded in 2010, offering home loans and loans against property with an average ticket size of Rs 2.13 million as of December 31, 2025. It operates as the third-largest affordable housing finance company by AUM, with a distribution network spanning 19 states and union territories and over 150 branches across 16 states. Warburg Pincus acquired it from Shriram Finance in December 2024 for approximately Rs 4,630 crore via Mango Crest Investment, which holds a 98.16% stake. Proceeds from the fresh issue will augment capital base for onward lending, general corporate purposes, and RBI capital adequacy compliance, deployed over FY 2027 and 2028. Financials from the IPO draft show strong growth: net interest income surged 47.5% to Rs 5,794 crore in FY 2025 from Rs 3,928.5 crore, with profit up 31.6% to Rs 286.2 crore. For nine months ended December 2025, profit was Rs 333.5 crore and net interest income Rs 580 crore. Book-running lead managers include JM Financial, IIFL Capital Services, Jefferies India, and Kotak Mahindra Capital Company.
Oct 2021Strategic investmentShriram City Union Finance (lead)$40MTruhome Finance, formerly Shriram Housing Finance, is an affordable housing finance company founded in 2010, based in Chennai, India, providing home loans and loans against property to underserved segments through over 199 branches across 16 states. It caters to more than 3.2 lakh borrowers and focuses on the housing finance sector. The company was previously associated with Shriram entities, including Shriram City Union Finance as an investor in earlier rounds around 2021. Recent financials show significant growth, with assets under management (AUM) reaching Rs. 20,039 crore as of September 30, 2025, up at a ~50% CAGR from FY2020 to FY2025. Profit after tax stood at Rs. 286 crore in FY2025 (ending March 2025), with return on average assets at 1.7% and return on average net worth at 10.7%. Net interest margin improved to 4.3%, and capital adequacy ratio (CRAR) was ~34% (Tier I ~31%). Disbursements over recent quarters represented ~58% of AUM, with scheduled collections and repayments balanced through September 2026. In December 2024, Warburg Pincus acquired Truhome Finance (then Shriram Housing Finance) from Shriram Finance and others for approximately Rs. 4,630 crore (about $555 million), marking a major transaction in India's housing finance sector. As of early 2025, the company filed IPO papers with SEBI for Rs. 3,000 crore, including Rs. 1,500 crore fresh issue for capital augmentation, onward lending, and RBI compliance, plus an offer for sale by promoter Mango Crest Investment. Book-running lead managers include JM Financial and others, with proceeds deployable through FY2028. Truhome competes in housing finance with players like Unreal Estate and maintains strong operational scale post-acquisition.

Who has invested in Truhome Finance?

2 investors have backed Truhome Finance across its funding rounds, including Warburg Pincus and Shriram City Union Finance.

Lead investors include Warburg Pincus and Shriram City Union Finance.


Truhome Finance Investors

Investors in Truhome Finance by funding rounds participated
InvestorHQRoundsRoleFirst check

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Truhome Finance Competitors

Truhome Finance competitors include listed companies like MFA Financial, Deutsche Pfandbriefbank, India Shelter Finance and RFA Financial, and private ones like Tomo and Hiranandani Financial Services.

Public and private companies comparable to Truhome Finance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MFA FinancialUnited StatesUnited StatesPublicly listed$299M-$628M2.6x
TomoUnited StatesStamford, CTPrivate--$640M-
Hiranandani Financial ServicesIndiaMumbaiPrivate--$451M-
Deutsche PfandbriefbankGermanyGermanyPublicly listed$469M-$442M1.0x
India Shelter FinanceIndiaIndiaPublicly listed$138M$63M$726M10.9x
RFA FinancialCanadaCanadaPublicly listed$172M($66M)$742M-

Truhome Finance Public Comps

Truhome Finance is no longer listed, but its public comps include MFA Financial, Deutsche Pfandbriefbank, Enity Holding, India Shelter Finance, RFA Financial, SHL Finance, Apollo Commercial Real Estate Finance, Centuria Capital, Eqdom and Repco Home Finance.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MFA Financial$299M-2.1x2.6x--
Deutsche Pfandbriefbank$469M-0.9x1.0x--
Enity Holding$133M-3.0x2.4x--
India Shelter Finance$138M$63M10.4x10.9x22.8x-
RFA Financial$172M($66M)7.7x-(20.2x)-
SHL Finance$54M-5.8x---
Apollo Commercial Real Estate Finance$273M-1.1x1.9x--
Centuria Capital$179M$57M6.4x5.3x20.2x8.4x

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Common questions about Truhome Finance

When was Truhome Finance founded?Truhome Finance was founded in 2010.
Where is Truhome Finance headquartered?Truhome Finance is headquartered in Chennai, India.
Is Truhome Finance publicly listed?No, Truhome Finance was acquired by Warburg Pincus in May 2024.
Who acquired Truhome Finance?Truhome Finance was acquired by Warburg Pincus in May 2024.
How much was Truhome Finance acquired for?Truhome Finance was acquired for $550M in May 2024, a 3.2x revenue multiple.
How much funding has Truhome Finance raised?Truhome Finance has raised $87M across 2 funding rounds.
What was Truhome Finance's last funding round?Truhome Finance's last funding round was a $47M undisclosed-stage round in October 2025, led by Warburg Pincus.
Who are Truhome Finance's investors?Truhome Finance's investors include Shriram City Union Finance and Warburg Pincus.
What is Truhome Finance's revenue?Truhome Finance's latest recorded revenue is $215M (October 2025).
Which companies are comparable to Truhome Finance?Companies comparable to Truhome Finance include MFA Financial, Tomo, Hiranandani Financial Services, Deutsche Pfandbriefbank, India Shelter Finance and RFA Financial.

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