Shubham Housing Development Finance

Shubham was started in 2011 by two consumer bankers who had tired of turning down people for loans simply because they couldn’t prove their income on paper. More than 60% of India’s population works in the informal sector and struggles to access formal financial services as a result. Shubham’s founders believed that such discrimination was unfair and misguided, and that these potential customers, most of whom had stable incomes, represented a huge unmet need. Today the firm provides customized home loans, tailoring a monthly credit program for each customer according to their situation; rather than using traditional document-based underwriting, Shubham personalized approach relies on interviews and other sources for income verification. To date, the company, which operates 113 branches across 10 states, has provided financing for more than 65,000 families. One of the fast-growing providers of affordable housing finance, Shubham has recently attracted the backing of investors like the Asian Development Bank and LeapFrog Investments to help it scale. Through August 2022, the company had a $332 million loan portfolio.