The capital comes from FCG IX, a part of Carlyle Asia Growth Partners IV (CAGP IV), a US$1.04bn sector-agnostic fund. Existing investors have re-invested in VBHC.
The proceeds from the investment will be used to fund the building of new homes.
Co-founded by Chairman Jaithirth Rao and Managing Director P.S Jayakumar, VBHC is setting up an expansive network of integrated housing projects nationwide that will apply the latest industrial engineering and construction technology. According to a written statement, VBHC has already developed a successful affordable housing project “Vaibhava” in Bangalore.
More than 1,000 units have been sold in the last 12 months and the pre-sale of another 900 units will start next month. Projects are situated in the urban periphery and are connected to the city’s central transportation system.
Each of the projects will be self-sufficient and will contain an on-site English medium school, working women’s centre, day care medical centre and a local shopping complex.