Avendus acted as sole financial advisor to Shubham Housing on its INR 900 cr+ fundraise from Creador and Leapfrog

Overview

Shubham Housing Development Finance, one of India’s leading affordable housing finance providers, has completed a INR 900 cr+ (USD 96 mn) secondary transaction led by Creador and with participation from existing investor LeapFrog Investments and others.

The transaction anchors Shubham’s future growth with a strong shareholder base, bringing together global impact investors and leading regional private equity firms, while providing an exit to early investors.

Avendus Capital acted as the exclusive financial advisor to Shubham Housing Development Finance and its shareholders on this transaction.

Deal Value

USD 96 mn

Service

Private Equity

Sector

Financial Institutions Group

Date

Mar 2026

We are excited to partner with the exceptional team at Shubham Housing and join its distinguished investor base. The company has built a strong platform to address the housing finance needs of underserved segments, backed by a proven track record. We look forward to working closely with the team as they drive the company’s next phase of growth.

Robin Agarwal

Executive Director at Creador

Shubham Housing is a leading player in affordable housing finance that has accelerated its performance in recent years across growth and profitability. This transaction reflects our continued conviction in the quality and excellence of the business and the leadership team.

Pranav Kumar

Partner at LeapFrog Investments

We are delighted to have partnered with Shubham Housing on this transaction. The company has built a strong and differentiated franchise in affordable housing finance, driven by its focus on underserved customers. Under the leadership of Sanjay and Rupa, Shubham has delivered robust growth with consistent profitability. The onboarding of Creador, alongside continued support from LeapFrog, further strengthens the company’s institutional shareholder base, supporting its long-term growth ambitions.

Anshul Agarwal

Managing Director & Head, Financial Institutions Group Investment Banking, Avendus Capital

About Shubham Housing Development Finance

Shubham Housing Development Finance is one of India’s leading affordable housing finance providers, with assets under management reaching approximately INR 7,500 cr as of Dec’25 (USD 825 mn), supported by strong demand for affordable housing finance across India’s emerging middle class. The recent ratings upgrade to AA- by India Ratings further reinforces the company’s position.

Shubham currently operates 200+ branches across 13 states and is continuing to expand its footprint to meet growing demand. The company addresses a significant gap in access to formal housing finance, enabling families without traditional income documentation or credit history to become first-time homeowners.

Shubham is also a leader in women’s empowerment, with 92% of loan applicants or co-applicants being women, supported by dedicated women-focused products designed to strengthen financial security, dignity and long-term household well-being.