Shiksha Finance raises INR 43.4M in third securitisation deal, led by DMI Housing Finance
What's the deal? Chennai-based Shiksha Finance has raised INR 43.4 million ($500,000) in a debt transaction through the issuance of pass-through certificates (PTCs), fully subscribed by DMI Housing FinanceDealroom has a profile for this one. Try Dealroom →. The certificates are backed by a pool of mortgage-backed loan receivables from 148 loan contracts originated by Shiksha.
What's the endgame? Shiksha lends to micro, small and medium enterprises (MSMEs) and informal sector workers through secured, mortgage-backed loans. Its micro-loan against property (micro-LAP) product lets borrowers unlock the value of residential property to access finance.
As of June 2026, it operated 19 branches across Tamil Nadu and Andhra Pradesh, with an outstanding micro-LAP portfolio of INR 742.1 million. It has funded nearly 2,500 borrowers since launching the product.
Why now? The deal marks Shiksha's first debt raise from a housing finance company, adding a new investor class. DMI Housing Finance, registered with the National Housing Bank (NHB), operates 67 branches across nine states and focuses on affordable housing finance for lower-income groups.
The Series A1 PTCs, issued by a special purpose vehicle named "Micro-LAP Empower June 2026," carry a provisional ICRA A- (SO) rating. Credit enhancement includes 11% cash collateral from Shiksha, 10% subordination, and 41.80% excess interest spread.
What did they say? "The transaction with DMI Housing Finance is an important one for us at Shiksha, as this adds a new investor and a new class of investors to our list of supporters and stakeholders," said chief executive officer V L Ramakrishnan. "We see PTCs and direct assignments as significant avenues for debt fundraise and treasury management in the future."
The signal: This is Shiksha's third securitisation deal, taking its cumulative raise through the route past INR 200 million. Broadening its investor base beyond traditional lenders points to securitisation becoming a core funding channel for niche MSME lenders seeking scale.
Read more: Newsvoir
Image credit: Arian Zwegers
