India, March 17 -- Housing loan provider Nivara Home Finance has secured INR 245 Cr (around $28 Mn) in a Series B funding round led by True North, along with participation from existing backer Baring Private Equity and promoters.

While True North Fund VII will pump INR 170 Cr into the company, Baring PE India and the promoters, Sunil Rohokale and Monik Koticha, will invest INR 50 Cr and INR 25 Cr, respectively, Nivara said in a statement.

The company plans to use the fresh capital to strengthen its technology platform and distribution network, develop credit solutions as well as expand into newer markets.

"This Series B round will give us the needed strength and impetus to empower us with confidence to grow and expand in more geographi...