Moneycontrol was the first to report about Lightspeed and Premji Invest spearheading Weaver Services’ massive fundraising effort, which exceeded $140 million.
Weaver Expands Affordable Housing
With a focus on self-employed people, the home financing platform Weaver Services has secured $170 million (about Rs 1,450 crore) in a round headed by Lightspeed and Premji Invest with participation from Gaja Capital. The company hopes to capitalize on the rising demand for affordable housing.
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According to the firm, the investment will speed up Weaver’s asset acquisition, finance technology development, and broaden its presence across tier-2 and tier-3 cities, where the affordable housing deficit is most severe.
Weaver Plans Strategic Acquisitions
The business, which has previously paid Rs 267 crore to purchase Capital India Housing Finance, plans to buy other businesses in an effort to increase its loan portfolio and market position.
Goal: Expand affordable housing in Tier 2–3 cities
Acquisitions: Capital India Housing Finance and more
Founders: Bhattacharya & Kothuri, industry veterans
Strategy: Tech-driven, serving self-employed & lower-income groups
Satrajit Bhattacharya, the founder and vice chairman of Weaver Services, said, “By using technology and putting our clients first, we want to change the home finance industry and make it more accessible to the people of India.”
Founders Bring Industry Expertise
Bhattacharya has worked with HDFC Ltd. for thirty years, making him an industry veteran. According to a previous Moneycontrol investigation, Keki Mistry, the bank’s former chief executive, has also made some financial investments in the business as part of his affiliation with it.
He founded the business with co-founder and CEO Anil Kothuri, who has over thirty years of experience in the financial services industry with companies like Citi and Edelweiss.
Tech-Driven Housing Expansion
Anuvrat Jain, Principal, Growth Investments, Lightspeed, said, “Weaver’s mix of deep subject experience, AI-driven skills, and a tech-first strategy positions them to democratize house ownership for millions of disadvantaged Indians.”
Weaver Services is anticipated to serve only Tier 2, 3, and 4 areas, which are lower income people as they grow more aspirational and want to own houses, despite the fact that the housing finance industry is congested with VC-backed businesses like Vridhi Home Finance and Vastu Housing Finance.
Focused on Inclusive Finance
“Weaver is meeting a long-standing demand in India’s home lending sector with a tech-led, customer-first strategy,” said Gopal Jain, Managing Partner of Gaja Capital.
They are well-positioned to become a leader in the next stage of inclusive development in financial services because of their keen emphasis on the self-employed market and their methodical execution.
According to Saravanan Nattanmai, a partner at Premji Invest, the investment demonstrates the company’s dedication to supporting unique and cutting-edge platforms that use technology to have significant, long-term effects in the financial services industry.