Affordable housing developer Signature Global has raised Rs 400 crore from existing investor HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), a fund managed by HDFC Capital.
The funding will be used for land acquisition and project development in Haryana. Signature Global said it has robust plans to create affordable homes and community spaces in the coming years.
The Gurugram-based company, which has projects in National Capital Region (NCR), is focused on developing affordable housing projects under Haryana’s affordable housing policy and developing independent floors under Deen Dayal Jan Awas Yojna affordable plotting policy.
In February, VCCircle reported that the real estate developer has hired merchant bankers to raise around Rs 1,000 crore (about $135 million) through an initial public offering (IPO).
“We have strong credentials of providing value homes at affordable prices to our customers. As one of the leading players in affordable housing, our focus has been to build a strong foundation through which we can launch many more affordable housing projects in north India. HDFC Capital’s investment is a significant achievement for us as it reposes faith in our execution capabilities,” said Pradeep Aggarwal, founder and chairman of Signature Global.
It is promoted by Pradeep Aggarwal, Ravi Aggarwal, Lalit Aggarwal and Devender Aggarwal.
The North Indian developer has earlier raised funds from HDFC Capital, KKR & Co. as well as World Bank’s investment arm International Finance Corporation.
In 2019, IFC had proposed to finance an affordable housing project of the Signature Global.
Signature Global has raised funding from several financial institutions in the past. In 2017, the non-banking financial company (NBFC) arm of US private equity giant KKR & Co backed a bunch of Signature Global projects with an investment of Rs 200 crore.
In the same year, HDFC Capital Advisors Ltd invested $38.76 million (around Rs 250 crore) to back projects of Signature Global. Before that, it had raised funding of Rs 150 crore from ICICI Prudential.
Debt-ridden Altico Capital, now owned by Ares SSG Capital, had also invested an undisclosed amount in Signature Global.
Set up in 2014, Signature Global has a presence across both the commercial and residential segments. It develops affordable housing projects across Gurugram, Karnal and Ghaziabad.