DCM GHFL Sec I (IFC-49484)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Grihum Hosuing Finance Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 65.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 1, 2025

Disclosed by Bank Jun 26, 2025

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment comprises an INR denominated investment of up to INR 4.3 billion (approximately US$50 million equivalent) in securitized assets originated by Grihum Housing Finance Limited, through subscription to Pass Through Certificates (PTC) backed by individual housing loans, known as Residential Mortgage-Backed Securities (RMBS), with a tenor of up to 8 years. As part of the project, IFC will explore mobilizing an aggregate amount of INR 2.2 billion (approximately US$25 million equivalent) from other institutional investors who subscribe to the RMBS. The entire proceeds from the investment will be directed by Grihum towards expanding its affordable housing finance portfolio.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project entails an INR denominated investment in securitized assets of Grihum. The investment proceeds will be used by Grihum towards expanding its affordable housing finance portfolio. The use of proceeds will be only for on lending to individual borrowers for purchase, renovation, and extension of residential property units and will not be used for any builder/construction finance, acquisition of land, or towards non-residential property. Hence, the proposed project presents no adverse environmental or social risks or impacts and is categorized as FI-3 in accordance with IFC's Environmental and Social Sustainability Policy. The proceeds will not be used to support any coal-related activities or higher E&S risk business activities that may include a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage d) significant occupational health and safety risks and e) risk of retrenchment.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment comprises an INR denominated investment of up to INR 5.6 billion (approximately US$65 million equivalent) in securitized assets originated by Grihum, through subscription to RMBS with a tenor of up to 8 years. As part of the project, IFC will explore mobilizing an aggregate amount of INR 860 million (approximately US$10 million equivalent) from other institutional investors who subscribe to the RMBS. The entire proceeds from the investment will be directed by Grihum towards expanding its affordable housing finance portfolio.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Grihum is a leading affordable housing finance company focusing on first-time home buyers in semi-urban and rural areas. The Company serves over 80,000 customers through a network of more than 200 branches in 18 states and union territories. As of March 2025, the Company had US$1.1 billion in assets, a capital adequacy ratio (CAR) of 48.8% and return on average assets (ROAA) of 2.4%.

Perseus SG Pte Ltd (an entity associated with TPG Inc) holds 98.3% of shares of Grihum as of March 2025. TPG is a leading global asset management company with over US$251 billion AUMs as on March 2025. TPG Inc. is listed on the NASDAQ and has a market capitalization of over US$19.7 billion (as of June 2025).


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Grihum Housing Finance Limited
Pankaj Rathi
Chief Financial Officer
+919820569160
pankaj.rathi@grihumhousing.com
6th Floor, B Building, Ganga Trueno, Lohegaon, Pune, Maharashtra 411014
Websitehttps://grihumhousing.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works