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Bessemer buys state in Home First Finance
By siliconindia
Bangalore: Bessemer Venture Partners has invested in Bangalore-based housing finance start-up, Home First Company by purchasing an undisclosed stake in the company, reports Live Mint. Anil Sarin, MD of Bessemer Venture Partners India has joined the board of Home First.
Home First Finance was co-founded by former Citibank employees, Jaithirth Rao and P S Jayakumar in 2010. The company offers small loans to low-income borrowers for buying homes priced at 
5-15 lakh. Abhijeet Mazumdar, Senior Associate at Bessemer Venture Partners said that they are buoyant on India's growth of housing finance for affordable housing. Bessemer Venture Partners has invested about $1 billion in 28 companies in India since 2004.
Many companies have ventured into low-cost home finance in the recent past and offers loans of 2-6 lakh to borrowers earning about 10, 000 a month. Low-income borrowers find it difficult to access loans from the mortgage lenders such as State Bank of India and Housing Development Finance Corporations due to tight regulatory norms.
Rao and Jayakumar started their first project of their property development firm Value and Budget Housing Corporation to build 1,900 homes outside Bangalore, each pricing up to 10 lakh. Mazumdar said that there are two major issues before buyers seeking affordable homes, first is the scarcity of low-priced homes and second is the limited housing finance available for this category.
This is Bessemer's fifth investment in 2011. Last month, it invested 20 crore in Mumbai-based power generation company, CleanMax Enviro Energy Solutions. They began their operations in India in 2004 with an office in Mumbai and has invested in companies like Orient Green Power, IL&FS Transportation, Applied Solar Technologies and many more.
5-15 lakh. Abhijeet Mazumdar, Senior Associate at Bessemer Venture Partners said that they are buoyant on India's growth of housing finance for affordable housing. Bessemer Venture Partners has invested about $1 billion in 28 companies in India since 2004.
Many companies have ventured into low-cost home finance in the recent past and offers loans of 2-6 lakh to borrowers earning about 10, 000 a month. Low-income borrowers find it difficult to access loans from the mortgage lenders such as State Bank of India and Housing Development Finance Corporations due to tight regulatory norms.
Rao and Jayakumar started their first project of their property development firm Value and Budget Housing Corporation to build 1,900 homes outside Bangalore, each pricing up to 10 lakh. Mazumdar said that there are two major issues before buyers seeking affordable homes, first is the scarcity of low-priced homes and second is the limited housing finance available for this category.
This is Bessemer's fifth investment in 2011. Last month, it invested 20 crore in Mumbai-based power generation company, CleanMax Enviro Energy Solutions. They began their operations in India in 2004 with an office in Mumbai and has invested in companies like Orient Green Power, IL&FS Transportation, Applied Solar Technologies and many more.
