Altum Credo is in the process of securing Rs 100 crore (around $11.8 million) as part of its extended Series C funding round, the Entrackr reported citing the housing finance firm's Registrar of Companies (ROC) filings.

The company is raising the capital from existing investor British International Investment.

As part of the fundraise, Altum Credo's board has approved the issuance of 57,80,347 Series C1 Compulsorily Convertible Preference Shares at Rs 173 per share.

Altum Credo will use the fresh capital for market expansion and to boost its lending operations.

In April last year, the Pune-based company had raised $40 million in a Series C round led by new investors Z3 Parters, Oikocredit and British International Investment. Existing investors also participated in the funding round. The deal comprised of primary and secondary components.

Altum Credo, which was founded by Vikrant Bhagwat, Ganesh Rao and Ashish Tewari in 2016, focuses on affordable housing finance.

As of March last year, the company had assets under management (AUM) of Rs 830 crore with over 90% of the customers belonging to the economically weaker section category.