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Arpwood Partners Fund LLP is set to acquire a majority stake in SEWA Grih Rin, also known as Sitara, a housing finance company focused on providing affordable loans to low-income households, especially women, in urban and semi-urban India. Founded in 2015, Sitara has assets worth INR 1,200 crores and over 25,000 customers across 75 branches. Arpwood Partners, a private equity firm led by Rajeev Gupta, will invest INR 680 crores to acquire a major stake as part of Sitara's INR 705 crores fundraising effort. The deal, pending RBI approval, aims to enhance Sitara's operations and expand its reach.
Arpwood Partners Fund LLP is set to acquire a majority stake within SEWA Grih Rin, which is under the belt of Sitara. Sitara, founded in 2015, provides affordable housing finance to low-income households in urban and semi-urban areas of India, focusing especially on women homeowners. The Assets Under Management (AUM) are worth about INR 1,200 crores with over 25,000 customers. The company, which operates over 75 branches across Northern, Western, and Central India, offers loans ranging between INR 50,000 and INR 3 lakhs. Advertisement
Arpwood Partners is a buy-out focused private equity firm, founded by Rajeev Gupta, an alum of IIM-Ahmedabad and former head of Carlyle India. The company is headquartered in Mumbai.
Sitara is currently aiming to raise INR 705 crores in order to enhance the company's operations, expand its reach, and fund the growth of their business, of which Arpwood Partners has pledged to invest INR 680 crores, thus acquiring a major stake in the company.
Other investors include Oikocredit, Abler Nordic, HDFC Bank, Women's World Banking Asset Management, HDFC Life Insurance, Omidyar Network, and RNT Associates. The agreement is currently pending approval from the Reserve Bank of India, a crucial step in the completion of the deal.
DC Advisory India, a global investment bank, oversaw the transaction, with Trilegal acting as representation for Sitara as well as a few other shareholders, and Anagram Partners acting as advisors to Arpwood Partners. For Abler Nordic and Oikocredit, legal advisors were Vertices Partners.
Chairwoman of SEWA Grih Rin, Renana Jhabvala, expressed her optimism that the investment from Arpwood Partners will facilitate Sitara by helping women across the country achieve their dream of homeownership. According to her, the company aims to reach out to 500,000 people over the next five years, and the strategic investment from Arpwood Partners will support SEWA Grih Rin in actualizing this goal.
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