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HomeFirst raises Rs 280 cr from IFC

Mumbai, Friday, December 23, 2022: HomeFirst has raised Rs 280 crores from IFC, through the issuance of INR denominated, senior secured, rated, unlisted, redeemable Non-Convertible Debentures with a tenor of up to seven years. A press release issued by the company says that the proceeds will be utilized to provide financing for retail buyers of affordable housing and green affordable housing units.

Under the arrangement, IFC will also provide non-financial support in terms of knowledge, innovation and capacity building through the advisory engagement and non-commercial risk mitigation through IFC Advisory services. IFC will support HomeFirst in developing its green housing framework, including technical support for green housing evaluation parameters, operationalizing certification process and capacity building on green housing certification, monitoring and reporting. 

Commenting on the agreement, Manoj Viswanathan, MD & CEO, Homefirst said “We are pleased to partner with IFC, a reputed multi-lateral agency and a member of the prestigious
World Bank Group to further our mission ‘to be the fastest provider of home finance for the aspiring middle class, delivered with ease and transparency.’ This is a huge vote of confidence for HomeFirst’s business model and its strong risk-management process. We believe this partnership has a strong potential to enhance financial inclusion and Green Housing in India.”