Zephyr Peacock India, Omidyar Network, Aavishkaar and I3N Invest in Swarna Pragati Housing (Asia)

Source: Intellecap, The Economic Times  |  Author(s): Sachin Dave

India-based housing microfinance lender Swarna Pragati Housing has raised a Series B financing round from India-focused private equity firm Zephyr Peacock India, philanthropic investment firm Omidyar Network, impact fund advisory firm Aavishkaar and angel network Intellecap Impact Investment Network (I3N). The round was worth a reported INR1 billion (approximately US$15 million), and together the investors acquired about a 15 percent stake. Zephyr Peacock’s investment was structured through Zephyr Peacock India Fund III, while Aavishkaar’s investment was structured through Aavishkaar Goodwell India Microfinance Development Company II. Swarna Pragati will use the funds to strengthen its position in existing geographies and to expand into additional Indian states.