Varashakti Housing Finance raises ₹35 crore from impact investor Incofin

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Varashakti Housing Finance (VHF), a Chennai based rural area housing financing Provider, has raised ₹35 crore (US$4.3 million) from Belgium-based influencer investment firm Incofin. VHF’s Series A funding was under India’s Incofin Progress Fund.

Incofin India Progress Fund is a SippyA registered Tier II Alternative Investment Fund (AIF) launched in 2021.

Founded by CV Sankar and Sahaana Sankar in 2017, VHF focuses on the affordable rural housing finance market. Its offerings include home loans, small ticket loans, home improvement loans, ticket small business loans, and loans against property.

Also read: Shriram Home Finance reaches $50 million via the European Central Bank

Sahaana Sankar, co-founder and director of VHF, said the funding will allow the company to expand its business, expand the reach of the organization and increase the impact on the lives of the underserved rural sector.

As of June 2023, the assets of the company are Rs 119 crore with 28 branches. VHF said it aims to reach AUM of Rs 1,750 crore in the next five to seven years.