Weaver taps Paragon, Premji for ₹1,000 cr

Weaver Services Pvt. Ltd, an affordable housing finance company founded by former employees of HDFC Ltd, is in talks to raise about ₹1,000 crore from Premji Invest and Paragon Partners, three people familiar with the matter said.

- Priyamvada C. & Ranjani Raghavan

"Some of the proceeds will be used to scale up Delhi-based Capital India Home Loans that the company acquired in October," one of the people cited above said on the condition of anonymity.

While Paragon and Weaver did not respond, Premji Invest declined to comment.

Weaver, set up by Satrajit Bhattacharya, former head of investments and M&A at HDFC, and other former HDFC executives, said in October that it had signed an agreement to raise 800 crore from Gaja Capital and Lok Capital. The deal has not yet secured regulatory approval.

Part of the funds from that capital-raise has been earmarked towards an acquisition of Capital India Home Loans for ₹267 crore, a deal that is also awaiting regulatory clearance.