Technology-focused housing finance company Weaver Services has finalized agreements to raise $170 million in a funding round led by Lightspeed and Premji Invest.

The funding will see participation from Gaja Capital, it said in a statement.

The deal is subject to regulatory approvals, it added.

The fresh capital will be used to accelerate technology platform development and expand into secondary and tertiary markets. A portion of the funding will also be used for strategic asset acquisitions.

Weaver Services was founded in 2024 by Satrajit Bhattacharya, with thirty years of experience. He previously worked at HDFC Ltd. He is joined by Co-Founder and CEO Anil Kothuri, who has three decades of financial services experience at companies including Edelweiss and Citi.

The company said it provides housing finance solutions using artificial intelligence and technology-driven processes to address India's underserved affordable housing market.

"Weaver's blend of extensive industry knowledge, AI-powered capabilities, and technology-first methodology positions them to expand homeownership access for millions of underserved Indians" said Anuvrat Jain, principal - growth investments at Lightspeed.

"This investment demonstrates our dedication to supporting distinctive and innovative platforms that harness technology to create meaningful, sustainable impact in financial services," explained Saravanan Nattanmai, Partner at Premji Invest.

 

Earlier this month, Weaver completed acquisition of Capital India Housing Finance to establish its foundational asset base.

 

Housing finance companies have been attracting funding over the years in India.

Earlier this month, Ummeed Housing Finance Ltd raised Rs 250 crores from British International Investment (BII), the UK’s development finance institution and impact investor.

In August, the International Finance Corporation (IFC) entered into an agreement with HDFC Capital Advisors to anchor a $1 billion real estate fund focused on green affordable housing in India.

In December last year, Vastu Housing Finance secured $100 million from the global consumer internet group Prosus.