Vastu Housing Finance Corporation Limited (Vastu), supported by Multiples PE, secured $100 million from Dutch tech investor Prosus. This update appeared in Prosus’ half-yearly disclosure on December 2. Earlier in September, Naspers Ventures B.V., a subsidiary of Prosus, gained approval from the Competition Commission of India (CCI) for the acquisition.
“In October 2024, the group acquired an 8.4 percent effective (7.8 percent fully diluted) interest for approximately $100 million in Vastu Housing Financing Corporate Limited. Vastu is a housing finance company in India. The group will account for this investment as an equity-accounted associate on account of its significant influence on the board of directors,” the company said in a statement.
Vastu closed a growth investment deal with TA Associates Management LP, a private equity firm, a few months ago. Reports suggest the deal was worth around $400 million, valuing Vastu over $1.4 billion. Additionally, in September, Vastu received a $50 million loan from the United States International Development Finance Corporation (USDFC) through external commercial borrowings.
Market research firm Tracxn estimated Vastu’s valuation at $1.2 billion in February 2024. On December 2, Prosus announced another investment of $80 million (about ₹680 crore) in Mintifi, a supply-chain financing startup in India, acquiring more than a 10% stake.
Founded in 2015 by Sandeep Menon and Sujay Patil, Vastu is a diversified nationwide lending institution. Multiples Alternate Asset Management and other prominent investors, including Norwest Venture Partners, back it,
Creation Investments, 360 ONE Asset Management, and Faering Capital. Vastu Group includes Vastu Housing Finance Corporation Limited (VHFCL) and its wholly-owned subsidiary, Vastu Finserve India Private Limited (VFIPL).
As of March 31, 2024, VHFCL managed an AUM of ₹7,420 crore, up from ₹5,293 crore the previous year. It focuses on affordable housing loans, with average ticket sizes between ₹12–15 lakh.
VFIPL, on the other hand, specializes in vehicle loans and loans against property, with ticket sizes averaging ₹4–8 lakh. Most of its vehicle loans cater to used commercial and personal vehicles and a small share of three-wheelers. VFIPL’s standalone AUM grew to ₹1,717 crore, doubling from ₹803 crore in the prior year.
Together, the group’s total AUM reached ₹9,137 crore in March 2024, a significant jump from ₹6,097 crore a year earlier. With 206 branches across 14 states, Vastu reported a 26.6% rise in consolidated profit after tax (PAT) at ₹361 crore. Meanwhile, its revenue surged by 63%, reaching ₹1,255 crore in FY24.
