New Delhi, Jan. 20 -- Wonder Home Finance, part of the RK Group, has raised $55 million (around Rs 500 crore) from Singapore-based private equity firm Growtheum Capital in its first round of external funding.

Backed by the RK Group, which is founded by the Patni family, the affordable housing finance company will deploy the capital to expand its footprint across India and strengthen its capital base to support future growth, the company said in a press note.

Unitus Capital acted as the exclusive financial advisor to Wonder Home Finance on the transaction.

This is the second investment in India by Growtheum. Late last year, the PE firm invested in ice cream cone maker Homemade Baker's (India) Ltd.

Growtheum is led by managing partner Amit Kunal and partner Choo Koon Po. Both of them previously worked with Singapore sovereign wealth fund GIC. Its India leadership team includes managing director Saurabh Mehta, who has previously worked with PE firms L Catterton and CX Partners.

Jaipur-headquartered Wonder Home Finance was incorporated in November 2017 and is promoted by Ashok Patni and his family. The promoter group also includes marble mining and processing company RK Marble and cement manufacturer Wonder Cement.

Wonder Home Finance caters to the affordable housing segment, serving customers across diverse income profiles, including salaried individuals, self-employed professionals and self-employed non-professionals.

The company operates through a network of 136 branches across 12 states.

For the financial year ended March 2025, Wonder Home Finance reported a net profit of Rs 23.4 crore, up from Rs 14.4 crore a year ago, aided by growth in assets under management. Its loan book stands at over Rs 3,000 crore, having expanded at a compound annual growth rate of 70% over the last five years.

"The investment by GCP will support Wonder Home Finance's next phase of growth, including expansion of its branch network across new and existing geographies, strengthening of its capital base to support loan book growth, and continued investments in systems, analytics, and governance," said Sanjay Rajawat, whole-time director and chief executive officer of Wonder Home Finance.

Published by HT Digital Content Services with permission from VC Circle.