Balaji Raghavan to Head Ironwood’s Expanding Affordable Housing & Real Estate Arm
Ironwood strengthens its affordable housing business by appointing Balaji Raghavan as Managing Director and advancing residential projects through its TIPL acquisition.
Mumbai (Maharashtra) [India], November 26: Ironwood has named Balaji Raghavan to head its affordable housing and real estate development vertical, further reinforcing the company’s presence in one of India’s most stable and high-demand residential sectors.
The appointment comes on the heels of Ironwood Education Limited’s announcement to acquire 100% of Trio Infrastructure Private Limited (TIPL) via a share-swap deal, as detailed in its BSE filing dated February 26, 2025. The cashless transaction officially brings TIPL under Ironwood as a wholly owned subsidiary.
On November 25, 2025, the Board of Directors also approved raising funds through a preferential issue or private placement and appointed Raghavan as Additional Director and Managing Director.
Further, the company’s board approved a preferential issue, proposing marquee investors such as Capri Global Capital, Darius Pandole, former MD & CEO of JM Financials Private Equity, and Sanjiv Rastogi.
Raghavan brings over two decades of experience across mortgage finance, real estate investments, and development. He helped build India’s modern mortgage business at ICICI Bank, managing a ₹60,000 crore home-loan portfolio. He later created a leading real estate investment platform at IIFL, deploying over ₹12,000 crore across 100-plus transactions with major developers and global investors.
Since 2021, he has focused on affordable housing development in Mumbai, bringing deep insight into homebuyer needs, credit gaps, and India’s urban housing deficit.
Under his leadership, TIPL is developing the first phase of a 2,52,000 sq. ft. residential project in Madhuban Township, Gokhivare, Vasai East, offering 1 BHK and 2 BHK homes. A second phase of 1,50,000 sq. ft. is planned for the next financial year.
The project is progressing on schedule, supported by strong sales traction and stable financial backing from SBI and customer collections.
Ironwood is also advancing approvals for two additional affordable housing projects expected to launch within six months.
