In brief: LeapFrog joins DFIs in Indian mortgage deal

LeapFrog, British International Investment, the Asian Development Bank and multi-family office Premji back Indian mortgage provider Shubham.

LeapFrog Investments, multi-family office PremjiInvest, UK development finance institution British International Investment and the Asian Development Bank have collectively injected $78 million into an Indian mortgage provider.

Shubham Housing Development Finance Company issues mortgages and housing loans to low-income families and informal workers. This involves establishing income, credit scores and eligibility through AI for customers without this documentation, according to a statement from LeapFrog.

“LeapFrog is committed to supporting Shubham’s vision to help deliver homeownership to thousands of low-income Indian families,” said LeapFrog partner Michael Fernandes in the firm’s statement.

“Access to quality housing is a critical step in improving sanitation, delivering access to clean water, improving privacy and dignity, and facilitating the creation of family wealth.”

LeapFrog, an impact firm specialising in financial inclusion and healthcare access in emerging markets, closed its third fund on $744 million in 2019.