“Housing finance company ‘Weaver’ Services has purchased Capital India Home Loans”.

The company stated in a release on Wednesday that this acquisition is a significant move in WEAVER’s mission to transform the landscape of affordable housing finance.

Housing finance company Weaver Services Pvt Ltd (WEAVER) has announced its acquisition of 100% of the fully diluted equity capital of Capital India Home Loans Ltd for a total amount of Rs 267 crore. According to a release on Wednesday, this acquisition marks a significant advancement in WEAVER’s mission to transform the landscape and accessibility of affordable housing finance. “Once the necessary regulatory approvals are obtained and the acquisition is finalized, WEAVER will introduce a range of innovative home loan products designed specifically for the citizens of BHARAT,” the statement noted.

The primary focus will be on empowering self-employed individuals in the unorganized sector, especially in Tier 2 and Tier 3 towns, the company stated. “WEAVER is dedicated to promoting financial inclusion, with particular attention to supporting women borrowers who frequently encounter challenges in accessing traditional financial services.”

WEAVER is backed by a strong team of seasoned finance professionals, including Satrajit Bhattacharya, who previously led the Investments and M&A division at HDFC Limited, along with other former HDFC executives. After this acquisition, Satrajit will take on a non-executive role, continuing to steer the company’s strategic direction. “To fund this acquisition and support its ambitious pan-India expansion plans, WEAVER is raising capital from top private equity firms, including Gaja Capital and Lok Capital, aiming to secure up to Rs 800 crore in financing,” the release stated.

WEAVER seeks to become a significant player in the affordable housing finance sector.

This capital infusion will be crucial for launching new products and enhancing operational capabilities, solidifying WEAVER’s position in the market.

Keki Mistry, former Vice Chairman and CEO of HDFC Ltd, stated, “I am pleased to see a team of former colleagues and partners come together to create a housing finance company focused on meeting the needs of an underserved segment of society. This initiative will be vital in addressing the urgent housing needs of lower-income and Economically Weaker Section (EWS) groups.”

With this strategic acquisition, WEAVER is set to establish its market presence and drive impactful change, offering tailored financial solutions that meet the diverse needs of its customer base. “WEAVER is dedicated to fostering innovation and empowering individuals and communities across India,” the release noted.