Home First Finance

Home First Finance Company India Limited is an Indian housing finance company serving customers in the affordable housing segment. Based in Mumbai, the company was established in 2010 by Jerry Rao, a former chairman and co-founder of Mphasis; P. S. Jayakumar, a former chief executive and managing director of Bank of Baroda; and Manoj Viswanathan, who had previously worked with Citigroup India. The company began operations in August 2010 after registering with the National Housing Bank, the Indian regulatory and licensing authority for housing finance companies. The business provides housing finance products primarily to individuals seeking to purchase, construct, or improve residential property. Its principal offerings include home loans, mortgage loans, and home construction loans. Its positioning is centered on expanding formal housing credit for customers in the affordable and lower-to-middle-income housing segments, supported by branch-based distribution and partnerships with banks and institutional investors. The company’s business model is that of a specialist lender rather than a diversified universal bank. Home First Finance received early institutional backing from Bessemer Venture Partners, which acquired a minority interest in 2011. Tata Capital Growth Fund later acquired another minority stake in 2013. The company became profitable in 2014, an important stage in the development of its lending platform. In February 2017, private-equity firm True North acquired a majority stake in the company in a transaction reported at more than ₹600 crore. Aether (Mauritius) Limited, an affiliate of Singapore’s sovereign wealth fund GIC and a co-investor in that transaction, also joined the promoter group. Ownership and capital support changed again in 2020 and 2021. Warburg Pincus acquired a 25% stake in October 2020 for a reported ₹700 crore and increased its holding to 30.62% before the company’s initial public offering. Home First Finance launched a ₹1,154 crore IPO in January 2021. The offering was subscribed more than 26 times, and the company’s shares began trading on the Bombay Stock Exchange and the National Stock Exchange of India on 3 February 2021. The company has also expanded its funding and distribution relationships. It entered a strategic co-lending arrangement with Union Bank of India in December 2021, followed by a similar partnership with Central Bank of India in September 2022. In 2025, it entered into a co-lending partnership with Axis Bank. These arrangements are intended to combine institutional bank funding with Home First Finance’s customer sourcing and affordable-housing lending capabilities. In December 2022, the company raised ₹280 crore from the International Finance Corporation to support financing for green affordable housing customers. Its assets under management crossed ₹10,000 crore in May 2024. In April 2025, the company raised ₹1,250 crore through a qualified institutional placement, with participation reported from investors including the International Finance Corporation, Capital World, Fidelity Funds, and HDFC Mutual Fund. Home First Finance also reports environmental, social, and governance initiatives. It has been assessed as having low sustainability risk by Morningstar Sustainalytics, with a reported score of 17.4, and has an S&P Global ESG score of 46. Its corporate social responsibility program, Project Sashakt, is directed toward the upliftment of migrant-worker communities in Ahmedabad. The company’s affordable-housing orientation and green-housing financing initiatives form the principal public elements of its social and sustainability positioning.

Home First Finance was founded in India in 2010 by Jerry Rao, P. S. Jayakumar, and Manoj Viswanathan. The founders brought experience from technology services, banking, and international financial services: Rao had been chairman and co-founder of Mphasis, Jayakumar had served as chief executive and managing director of Bank of Baroda, and Viswanathan had worked with Citigroup India. The company registered with the National Housing Bank and commenced operations in August 2010 as a housing finance company focused on affordable residential credit. Its early development was supported by institutional investors. Bessemer Venture Partners purchased a minority stake in 2011, followed by a minority investment from Tata Capital Growth Fund in 2013. Home First Finance reported becoming profitable in 2014. A major ownership transition took place in February 2017, when private-equity firm True North acquired a majority stake in a transaction reported to be worth more than ₹600 crore. Aether (Mauritius) Limited, an affiliate of Singaporean sovereign wealth fund GIC and a co-investor in the transaction, also became part of the promoter group. Warburg Pincus became a significant investor in the next phase of the company’s growth. It acquired a 25% stake in October 2020 for a reported ₹700 crore and increased its stake to 30.62% in January 2021 ahead of the company’s public listing. Home First Finance launched a ₹1,154 crore initial public offering in January 2021. The issue was reported to have attracted subscriptions exceeding 26 times its offered amount. The company’s equity shares began trading on the Bombay Stock Exchange and the National Stock Exchange of India on 3 February 2021. After listing, Home First Finance developed partnerships intended to broaden the availability and funding of housing credit. In December 2021, it entered a strategic co-lending arrangement with Union Bank of India. It formed a comparable partnership with Central Bank of India in September 2022 and later entered into a co-lending partnership with Axis Bank in 2025. These arrangements complemented the company’s direct housing-finance activity by connecting its affordable-housing origination platform with larger banking institutions. The company also pursued funding connected with sustainable housing. In December 2022, the International Finance Corporation provided ₹280 crore to support financing for green affordable-housing customers. Home First Finance’s assets under management exceeded ₹10,000 crore in May 2024. In April 2025, it raised ₹1,250 crore through a qualified institutional placement, with reported participation from IFC, Capital World, Fidelity Funds, and HDFC Mutual Fund. Its public sustainability profile includes a low-risk assessment from Morningstar Sustainalytics, reported at 17.4, and an S&P Global ESG score of 46. The company’s corporate social responsibility initiative, Project Sashakt, focuses on improving the circumstances of migrant-worker communities in Ahmedabad. The available reference material does not identify any major public scandal, regulatory enforcement event, or leadership roster for the current period.

• 2025

  Qualified institutional placement

  [1]Home First Financeen.wikipedia.org

  Home First Finance raised ₹1,250 crore through a qualified institutional placement.

• 2024

  Assets under management pass ₹10,000 crore

  [1]Home First Financeen.wikipedia.org

  The company’s assets under management crossed ₹10,000 crore in May.

• 2022

  Central Bank of India co-lending partnership

  [1]Home First Financeen.wikipedia.org

  The company entered a similar co-lending partnership with Central Bank of India.

• 2022

  Green affordable-housing financing

  [1]Home First Financeen.wikipedia.org

  The International Finance Corporation provided ₹280 crore for financing green affordable-housing customers.

• 2021

  Public listing

  [1]Home First Financeen.wikipedia.org

  After increasing its stake to 30.62% ahead of the IPO, Warburg Pincus participated in the company’s transition to public markets. Home First Finance shares began trading on 3 February.

• 2021

  Union Bank of India co-lending partnership

  [1]Home First Financeen.wikipedia.org

  Home First Finance and Union Bank of India established a strategic co-lending relationship.

• 2020

  Warburg Pincus acquires substantial minority stake

  [1]Home First Financeen.wikipedia.org

  Warburg Pincus acquired a 25% stake in October.

• 2017

  True North acquires majority stake

  [1]Home First Financeen.wikipedia.org

  True North acquired a majority interest, with Aether (Mauritius) Limited joining the promoter group as a co-investor.

• 2014

  Company becomes profitable

  [1]Home First Financeen.wikipedia.org

  Home First Finance reached profitability.

• 2013

  Tata Capital Growth Fund invests

  [1]Home First Financeen.wikipedia.org

  Tata Capital Growth Fund acquired a minority stake.

• 2011

  Bessemer Venture Partners takes minority stake

  [1]Home First Financeen.wikipedia.org

  Bessemer Venture Partners acquired a minority interest in the housing finance company.

• 2010

  Company founded and operations initiated

  [1]Home First Financeen.wikipedia.org

  Home First Finance was founded in India and began operations in August after registering with the National Housing Bank.

A specialist Indian housing finance provider focused on affordable residential credit, with additional emphasis on institutional co-lending and green affordable housing.

• Housing finance

  Home loans

  Home First Finance’s core product is residential home finance for customers purchasing a home. The offering is associated with the company’s affordable-housing strategy and provides formal mortgage credit through a specialist housing finance platform.

• Mortgage lending

  Mortgage loans

  The company provides mortgage loans secured against residential property. These loans form part of its broader housing-finance portfolio and support customers seeking property-backed credit in the affordable housing segment.

• Housing finance

  Home construction loans

  Home construction loans finance customers constructing residential properties. They extend the company’s offering beyond completed-home purchases and are designed for borrowers who require staged funding during the construction process.

• Sustainable housing finance · 2022

  Green affordable-housing finance

  Home First Finance has raised dedicated funding to support green affordable-housing customers. This financing activity connects its affordable housing mandate with environmental standards and energy-conscious residential development.

• Project Sashakt

  Ahmedabad, India

  Project Sashakt is the company’s corporate social responsibility initiative focused on the upliftment of migrant-worker communities in Ahmedabad.

  Source

• 2025

  Qualified institutional placementOther

  Background

  The listed company sought additional equity capital from institutional investors.

  Action taken

  Home First Finance raised ₹1,250 crore through a qualified institutional placement.

  Aftermath

  Reported participants included IFC, Capital World, Fidelity Funds, and HDFC Mutual Fund.

  Qualified institutional placement. ₹1,250 crore (April 2025)

  Source

• 2022

  Expansion into green affordable-housing financeStrategy

  Background

  Affordable housing finance was combined with an environmental-finance objective.

  Action taken

  The company raised ₹280 crore from the International Finance Corporation for green affordable-housing customers.

  Aftermath

  The funding strengthened the company’s sustainable housing-finance positioning.

  Funding raised from IFC. ₹280 crore (December 2022)

  Source

• 2021

  Proceeding with an initial public offeringM&A

  Background

  Home First Finance pursued a public-market listing after institutional investment from True North, Aether, and Warburg Pincus.

  Action taken

  The company launched a ₹1,154 crore IPO in January and its shares began trading on Indian exchanges on 3 February.

  Aftermath

  The transaction converted Home First Finance into a listed housing finance company.

  IPO size. ₹1,154 crore (January 2021)

  Source

• 2021

  Launch of bank co-lending strategyStrategy

  Background

  The company sought to broaden housing-credit distribution and funding through partnerships with banks.

  Action taken

  Home First Finance entered a strategic co-lending partnership with Union Bank of India.

  Aftermath

  The company subsequently entered comparable arrangements with Central Bank of India in 2022 and Axis Bank in 2025.

  Source

1. 1Home First Financeen.wikipedia.org