Saama Capital and Frontier Investment Group have invested Rs 21.90 crore in Shubham Housing Development Housing Finance Co.
Shubham Housing Finance mainly caters to the home financing needs of the low-income families.
Frontier Investment is a group company of Accion which is a non-profit organization which provides financial services to the under-served sectors.
Accion in a statement said, "Shubham's mission is to provide mortgages and home-improvement loans to low-income families in urban areas of India".
Shubham Housing Development Housing Finance Co. provide mortgages and home-improvement loans for quality housing, to individuals who are excluded from the formal financial systems, said in the statement. It is operating in 17 locations across seven states in India.
Ms. Monica Brand, Head of Frontier Investment aid, "Shubham's innovative operating model has the potential to change the way significant numbers of urban-Indians live-by delivering critical financial services to self-employed , low-income people".