Country for PR: United Kingdom
Contributor: PR Newswire Europe
Friday, October 09 2020 - 02:25
Warburg Pincus to invest $95MN (INR 700 CR) in Home First - One of India's leading affordable housing finance companies
MUMBAI, India, October 8, 2020 /PRNewswire-AsiaNet/ --

    US based private equity firm Warburg Pincus LLC ("Warburg Pincus"), through 
it's affiliate Orange Clove Investments BV, has entered into an agreement to 
invest about $95 MN (INR 700 Cr) in Home First Finance Company India Ltd ("Home 
First") on October 2, 2020. The announcement came in today from the leading 
global private equity firm focused on growth investing. The investment of 
approximately INR 700 crore is a combination of primary fund raise and 
secondary sales by existing shareholders. Warburg Pincus joins existing marquee 
PE firm shareholders True North and Bessemer Venture Partners. 

    Home First is a technology driven, affordable housing finance company 
providing home loans to customers from low- and middle-income segments, who are 
building or buying their first homes. Over the last 10 years, Home First has 
sanctioned home loans across India to more than 50,000 customers in 60 
districts, covering 11 states and 1 union territory. As of March 31, 2020, Home 
First had an AUM of $480 Mn (INR 3618 Cr) with a Net worth of $124 Mn (INR 933 
Cr) and GNPA of 0.87%

    This investment is a huge vote of confidence for the Indian affordable 
housing segment in general and more specifically for the performance of Home 
First even in the face of this worldwide crisis. 

    Narendra Ostawal, MD, Warburg Pincus said, "Home First has had a remarkable 
journey to become a leading affordable housing finance company in a relatively 
short span of 10 years. It is helmed by a very talented team and robust 
operating processes that continue to steer the company to do well through the 
pandemic and to leverage the growth potential of the affordable segment. 
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, "We are proud of the way the 
company has utilised technology to its advantage, adopting a digital first 
approach in navigating Covid-19. We welcome Warburg Pincus and look forward to 
partnering with them in the upcoming journey of Home First."

    "Home First is excited to partner with Warburg Pincus in this new phase of 
its journey.. True North has been a great support as we scaled from a small to 
a mid-sized company. Our shared passion for tech, belief in sustainable growth 
and strong governance has seen us thrive through several disruptive events," 
said Manoj Viswanathan, CEO, Home First.

    To know more about Warburg Pincus & Home First click here 


Currency  Exchange rate as on March 31,2020(INR) Exchange rate as on October 
                                                                  1, 2020 (INR)

  1 USD	                                75.3859	                    73.3834

    (Source for 1 USD: and Rate as on October 
1,2020 is considered since October 2 was a public holiday.


    Home First Finance Company India Limited is proposing, subject to receipt 
of requisite approvals, market conditions and other considerations, to 
undertake an initial public offer of its equity shares and has filed a draft 
red herring prospectus dated November 28, 2019 ("DRHP") with the Securities and 
Exchange Board of India on November 29, 2019. The DRHP is available on the 
website of the SEBI at, the respective websites of the book 
running lead managers, i.e., Axis Capital Limited, Credit Suisse Securities 
(India) Private Limited, ICICI Securities Limited and Kotak Mahindra Capital 
Company Limited at,, and, respectively, the 
website of the National Stock Exchange of India Limited at and 
the website of BSE Limited at Investors should note that 
investment in equity shares involves a high degree of risk and for details 
relating to such risk, see "Risk Factors" of the DRHP. Potential investors 
should not rely on the DRHP for any investment decision.

    The Equity Shares of Home First have not been and will not be registered 
under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or 
any state securities laws in the United States, and unless so registered may 
not be offered or sold within the United States, except pursuant to an 
exemption from, or in a transaction not subject to, the registration 
requirements of the U.S. Securities Act and applicable state securities laws. 
Accordingly, such Equity Shares are being offered and sold (i) outside of the 
United States in offshore transactions in reliance on Regulation S under the 
U.S. Securities Act and the applicable laws of the jurisdiction where those 
offers and sales occur; and (ii) to "qualified institutional buyers" (as 
defined in Rule 144A under the U.S. Securities Act), pursuant to the private 
placement exemption set out in Section 4(a) of the U.S. Securities Act. Neither 
this release nor information on the website of Home First constitutes or forms 
a part of any offer to sell or solicitation of an offer to purchase or 
subscribe for such Equity Shares in the United States or elsewhere where such 
offer, solicitation or sale would be unlawful.


    Source: Home First Finance Company India Ltd