Warburg Pincus invests Rs 700 crore in True North-backed Home First Finance

Global equity firm Warburg Pincus will be investing approximately Rs 700 crore in Home First Finance company. This investment will be made through a combination of primary fundraise and secondary sales by existing shareholders. The housing finance company has entered into definitive agreements with Orange Clove Investments BV, an affiliate of Warburg Pincus LLC.

With this investment, Warburg Pincus will join existing PE firm shareholders — True North and Bessemer Venture Partners.

Over the last 10 years, Home First has sanctioned home loans to more than 50,000 customers in 60 districts, across 11 states and a union territory.

“Warburg Pincus’ investment in Home First at this juncture, is an acknowledgment of Home First’s inherent strengths. Our strong focus on the salaried customer segment, our investments in technology, and our deep belief in digital processes and payment mechanisms have netted excellent dividends through multiple disruptive events,” said Manoj Viswanathan, Chief Executive Officer, Home First.

Narendra Ostawal, Managing Director, Warburg Pincus said, “Warburg Pincus looks forward to the partnership with True North and towards backing Manoj and the management team in its next phase of expansion.”

Divya Sehgal, Partner, True North said, “Home First is one of the fastest-growing affordable housing finance companies in India and has built strong underwriting capabilities for its new-to-credit customer base.”