BASIC Home Loan raised $4.7 Mn in its per-Series B funding round which also saw participation from Dexter Angels, CommsCredible Venture Fund, among others
Founded in 2020 by Atul Monga and Ranjit Singh, BASIC Home Loan provides a platform to fulfil the end-to-end home loan requirements of its customers digitally
The startup claims it has a network of over 7,500 agents and said it will use the funds to build a proof of concept to set up its lending arm
Fintech startup BASIC Home Loan on Wednesday (June 14) said it has bagged a funding of $4.7 Mn in a pre-Series B round led by stock market investor Ashish Kacholia.
Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund also participated in the funding round, along with existing investors Gruhas & Venture Catalysts, BASIC Home Loan said in a statement.
The startup said it would use the fresh funds to expand its distribution to new geographies and build a proof of concept to set up its lending arm.
Founded in 2020 by Atul Monga and Ranjit Singh, BASIC Home Loan provides a platform
to fulfil the end-to-end home loan requirements of its customers digitally, especially for those living in smaller cities and towns. It provides loans in partnerships with the likes of Kotak Mahindra Bank, ICICI Bank, State Bank of India, IDFC First, L&T Finance Home Loans, among others.
The startup claims that it has helped nearly 1 Lakh families across 650 districts get home loans since its inception through its network of over 7,500 agents.
BASIC Home Loan CEO Atul Monga claimed that the platform now handles applications for loans worth INR 3,000 Cr on a monthly basis.
“Having achieved EBITDA profitability in March 2023, the infusion of new funds will enable us to establish a lending arm, introducing innovative products for un/underserved segments and paving the way to digitise credit,” he added.
Monga said BASIC Home Loan aims to deliver a successful proof of concept by FY24, ensuring efficient scaling and effective balance sheet risk management.
Including the latest funding, the startup has raised a total investment of $8.7 Mn till date. It is backed by the likes of Picus Capital, 9Unicorns, Earlsfield Capital, Good Capital, and Shaadi.com founder Anupam Mittal.
Despite the ongoing funding winter, fintech startups continue to be a favourite of investors and have been raising capital. In May, fintech startups raised $144 Mn across nine deals.
On Tuesday, lendingtech startup Indifi Technologies said it raised INR 290 Cr in its Series E round. Earlier this week, Inc42 also reported that Pepper Group would invest $150 Mn over the next four years to set up a fintech startup in India.
As per an Inc42 report, the Indian fintech market received $4.8 Bn in 2022, and is estimated to grow at a CAGR of 18% to reach a size of $2.1 Tn by 2030.