Shubham Housing Development Finance on Wednesday said it has raised $112 million in a round led by British International Investment (BII), LeapFrog Investments, Asian Development Bank (ADB) and existing backer Premji Invest, billionaire Azim Premji’s investment firm.
UK’s BII, LeapFrog, ADB, and Premji Invest will infuse $78 million in primary capital into the business. As part of the transaction, LeapFrog and Premji Invest will acquire Elevar Equity’s entire interest and Motilal Oswal’s partial stake in the mortgage lender.
