Vastu Housing Finance Corporation (Vastu) has raised about $200 million from a consortium led by Norwest Venture Partners, Creation Investments and IIFL Asset Management to fund business expansion plans.

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The transaction has two components involving a primary equity infusion of about $125 million, and the balance is a secondary sale by current investors. This transaction is the most significant private equity growth investment in the affordable housing segment in India to date, the company said in a late-night statement.

Sandeep Menon, Founder, MD & CEO of Vastu, said with this investment, Vastu will further consolidate operations in 13 states. It will build products to provide accessible, faster and affordable credit to 900 million people residing in these states.