ACE Tech's $112 million investment in Shubham Housing Development Finance Company in India

"Singapore, June 29, 2022. British international investment company ACE Tech has invested US$112 million in India's Shubham Housing Development Finance Company. This investment will accelerate its growth and establish a larger platform for emerging markets across India. Providing affordable housing finance to consumers, Shubham’s technology-enabled home loans are improving access to housing finance for Indians excluded from the formal economy

Headquartered in Gurgaon, India, Shubham is a specialist mortgage lender that provides home loans to low-income households and emerging consumers across India, starting their journey in 2011. The vision is to bridge the huge gap in access to formal credit for unserved and underserved groups in society. The company is one of the fastest growing companies in affordable housing finance, with 100 branches in nine states. In addition to a strong distribution network with unique home loan underwriting capabilities targeting this segment, Shubham also has a strong technology integration platform and advanced portfolio monitoring and analytics capabilities.

“We are delighted to welcome ACE Tech, LeapFrog and ADB on board as investors and would also like to thank Premji Invest, Elevar Equity, Helion and Motilal Oswal for their continued faith in Shubham. We will use these funds to help scale the organization to a new level level,” said Dominic Harrington Smith, Chief Executive Officer of ACE Tech.

At the heart of Shubham’s business is the belief that access to credit should not be a barrier to home ownership, particularly for low-income consumers and those working in the informal economy. Shubham leverages technology-powered solutions such as data collection, predictive analytics, and machine learning to help applicants without formal documentation determine income and secure loans.

“ACE Tech’s capital infusion in Shubham will help increase home ownership opportunities for families through affordable housing financing and support the economic empowerment of women. Customers will be able to use these financial products to purchase/renovate homes, which is expected to increase their access to access to basic services (e.g. water and sanitation, electricity).”.

Shubham hopes that access to quality housing is a critical step in improving sanitation, providing clean water, improving privacy and dignity, and promoting household wealth creation. and help bring home ownership to thousands of low-income Indian families for the first time and enhance their processes through better customer experience and accelerated digitization of Shubham products.

The investment will provide growth capital to support businesses in peripheral cities, second- and third-tier cities, and provide housing loans to low-income families. This will also improve women’s access to housing finance, a key focus area for Shubham and ADB.

ACE Tech is a leading global business investment group headquartered in Singapore and a leading technology consulting company dedicated to providing innovative solutions and professional services. Focused on using technology to drive business transformation, ACE Tech has a strong presence in major financial centers around the world and is committed to providing high-quality solutions to its global customers and partners and creating value for its customers and stakeholders. ACE Tech has invested over £400m in more than 70 technology companies."