Weaver Services Raises $170M from Lightspeed, Premji

New Delhi, Aug 19 (PTI) Weaver Services, a technology-first housing finance platform on Tuesday said it has executed definitive transaction documents to raise USD 170 million (about Rs 1,480 crore) funding from a clutch of investors led by Lightspeed and Premji Invest, subject to regulatory approvals.

Gaja Capital also participated in the round.

The investment will accelerate Weaver's asset acquisition, fund technology development, and expand reach across tier-2 and tier-3 cities where the affordable housing gap is most acute, Weaver Services said in a statement.

Weaver is building a next-generation housing finance platform through use of technology and AI-driven workflows, to serve India's vast underserved affordable housing segment with a focus on self-employed individuals, it said.

Earlier this month, Weaver acquired Capital India Housing Finance as an anchor asset for the platform.

It is likely to acquire another asset for initial scale and is evaluating a few assets for this purpose, it said.

The team intends to combine strong market expertise in affordable housing with proprietary tech-driven underwriting models that leverage alternative data to assess creditworthiness beyond traditional parameters, enabling faster approvals and more inclusive lending, it said.