Gurugram, India: Shubham Housing Development Finance, one of India’s leading affordable housing finance providers, has completed a $96 million 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.

Over the past year, the company has continued to scale rapidly, with assets under management reaching approximately INR 7,500 Cr as of December 2025 ($825 million), 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 12 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 93% 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.

Robin Agarwal, Executive Director at Creador, said, “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.”

Pranav Kumar, Partner at LeapFrog Investments, said: “Shubham Housing is a leading player in affordable housing finance that has accelerated its performance in recent years across growth, profitability and impact. This transaction reflects our continued conviction in the quality and excellence of the business and the leadership team.”

Sanjay Chaturvedi, Founder & MD at Shubham said: “We welcome Creador to our investor base, we are also thrilled to see the follow up investment done by LeapFrog. We are committed to working closely with our investors to take Shubham to new heights.”

Avendus was the exclusive financial advisor on this transaction.

Shubham Housing Development Finance Company aims to provide affordable housing finance to families with informal incomes and those outside the purview of formal credit structures, to drive financial inclusion for a better future. The company believes that every person in India should be able to buy their own home, and that informal incomes should not be a barrier to providing the credit they need. Established in 2011, Shubham was one of the first lenders in India to incorporate an innovative customised credit program for each customer instead of the traditional document-based underwriting. Shubham’s unique approach in credit decision making incorporates a comprehensive set of sources for income verification outside the traditional paper-based forms to assess the affordability.

Established in 2011, Creador is a leading mid-market private equity firm focused on partnering with passionate entrepreneurs to build world class businesses across South and Southeast Asia. The firm is committed to investing in growth companies and unlocking potential in its portfolio companies through strategic value creation initiatives that empower companies to innovate, scale and lead in their markets. Since its inception, Creador has raised over $3.0 billion across six funds and invested in over 60 companies.

For more information, please visit www.creador.com

LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets. Its companies deliver distinctive impact and robust returns, growing revenues on average 22% a year. LeapFrog companies now reach 559 million people with essential services in 37 countries. The firm has raised billions of dollars from global institutional investors, including a $500m commitment by Temasek to LeapFrog and its growth equity funds. LeapFrog has twice been ranked by Fortune as one of the top Companies to Change the World, alongside Apple and Novartis, and was named inaugural Pioneer in Impact by the FT and IFC at the Transformational Business Awards.

For more information, go to: www.leapfroginvest.com.

Montfort Communications

Jack Roddan: +447825670695, LeapFrog@Montfort.London