British International Investment

Shubham Housing Development Finance Company Limited

South AsiaFinancial services

Shubham Housing Development Finance Company Limited (Shubham) is a specialist mortgage lender that provides home loans to lower-income families and emerging consumers across India.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

Our investment will accelerate the company's growth to improve access to affordable housing finance, primarily for low-middle income customers across India. Shubham’s tech-enabled home loans are improving access to housing finance for Indians excluded from the formal economy.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



Increased access to affordable housing and home ownership for households via increased access to finance (SDG 11.1, 1.4).


  • Economic enabler: Our capital injection into Shubham will increase access to housing finance through home loans, home improvement loans and loans against property for customers. Customers will be able to access these financial products to afford home purchases and related products and services, which will likely ensure improved privacy and security, access to basic services and ownership of a financial asset.


Stakeholder Geography Characteristics


  • c.40 per cent of customers are self-employed, 15 per cent are cash salaried and 45 per cent are formal salaried.
  • 22 per cent of customers are new to credit.
  • 50 per cent of the customers are women owners / co-owners.

How much?

Scale Depth/Duration

The number of new loans is expected to increase from 8.9k to 22.5k over four years, totalling 71k new loans.

Owning a home tends to improve privacy and security, access to basic amenities (e.g. electricity, sanitation), and financial security through asset ownership.

Grid score

Grid Score

To help us direct our investments, we previously used a tool called the Development Impact Grid. It scored investments out of four, based on two factors: the difficulty of investing in a country and the propensity of the sector to generate employment. This tool was used for investments until the end of 2021. Since 2022 it has been replaced by the Impact Score.



Execution Risk
  • ability to expand to new geographies and improve operational efficiency.
Alignment Risk
  • Shubham could shift focus away from the lower-income segment We seek to target.
External Risk
  • as seen previously, COVID could have a negative impact on the scale and depth of impact, at least in the short term.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Financial services

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    December 2021
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.

    2X Gender Finance

    Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.

    Fully qualified

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