Founded in 2015, Vastu has grown to become one of the leading affordable housing finance players in India. Vastu leverages its proprietary technology and unique underwriting practices to deliver financing solutions to bankable but under-served self-employed customers across semi-urban and rural India. On the back of its reach, technology and management expertise, the Company has also built a fast-growing small business and used vehicle finance book. With more than 230 branch locations in 13 states, Vastu has established itself as a diversified retail lending player.
“We are excited to have TA on board as a valued, long-term partner. Vastu has made great progress over the last few years towards its vision of becoming a large, respected and institutional retail lending franchise. We are confident that our association with TA will further accelerate our growth journey,” said Sandeep Menon, CEO and Founder of Vastu.
“Vastu is well-positioned to become a leader in the secured affordable housing segment as well as continue its impressive growth trajectory in the small business loans and vehicle finance segments. We have tracked the Company for years, and have been impressed by Vastu’s reach, strong credit underwriting principles and tech-enabled approach. We look forward to our long-term partnership with Vastu in its future journey,” said Dhiraj Poddar, Managing Director at TA. “We believe there is significant opportunity for expansion in the core segments in which Vastu operates. We are excited to partner with Sandeep, the management team and existing shareholders in supporting Vastu’s vision of building a high-quality, mortgage-led retail lending company,” added Adi Sharma, Managing Director at TA.
“Sandeep Menon and Sujay Patil have done an exceptional job in building Vastu into a formidable franchise in the affordable housing finance space. Their vision, coupled with strong execution, has transformed Vastu into a category leader. We are pleased to welcome TA as a partner as Vastu continues to scale to new heights,” said Renuka Ramnath, Chairperson of Vastu and Founder, MD & CEO, Multiples Alternate Asset Management.
Financial terms of the transaction were not disclosed.
About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit www.ta.com.
About Vastu Housing Finance
Vastu Housing Finance Corporation Ltd (Vastu) is a technology-led affordable housing finance player. Founded by Sandeep Menon and Sujay Patil and backed by Multiples Alternate Asset Management since inception. Over time it witnessed the participation of Norwest Venture Partners, Creation Investments, 360 ONE Asset Management and Faering Capital, Vastu offers secured long-tenor mortgage products to self-employed customers in semi-urban and rural India through its proprietary technology platform, thereby enabling a paperless experience and faster turnaround time for customers. Vastu has a diversified liability franchise comprising of more than 40 lenders who have continued to support the Company, many of them since inception. In addition, Vastu has also set up a subsidiary (Vastu Finserve), which focuses on the small business loan and used vehicle finance segments. Vastu has an experienced management team with a pan-India presence across 13 states in India. For more information, visit www.vastuhfc.com.