Nivara Home Finance, which specializes in housing loans, has raised 245 crore rupee (US$28 million) in a series B funding round led by True North, with participation from existing investor Baring Private Equity and promoters Sunil Rohokale and Monik Koticha.

The funds will be used to enhance Nivara’s technology platform, expand its distribution network, develop new credit solutions, and enter new markets.

Founded in 2014, the company provides affordable home loans to micro-entrepreneurs and informal salaried customers, with loan amounts typically ranging from 5 lakh rupee (US$5,768) to 7.5 lakh rupee (US$8,653).

The India-based company operates in five states with 68 branch offices.

This round follows a US$10 million investment led by Baring PE last year to support Nivara’s growth and expansion plans.