Real estate and lending tech company Easy Home Finance Limited has announced a strategic partnership with Harbourfront Capital, a group company of Das Capital. The VC firm will invest an undisclosed amount in the real estate financing company. Easy will be utilising the funds from Harbourfront in expanding its assets under management (AUM) base and for further investment in its technology platform. The investment firm and Easy Group intend to enter into a variety of financial services verticals through this strategic partnership.
The Mumbai-based financial services company was founded by Rohit Chokhani and have Debabrata Sarkar, ex-chairman, Union Bank of India as the chairman of the board of directors. It is registered under the National Housing Bank Act as a housing finance company and intends to serve the underserved addressable market for home loan customers through a paperless experience.
Through its proprietary AI-based lending platform, Easy Home streamlines onboarding, assessing and management of home loans. The company says it’s rapidly growing in the past year and is focussed on providing home loans to the first-time homebuyers and for women who are looking to enter the property market as co-owners in Tier 2 and Tier 3 cities across India.
The company plans to grow its AUM by 10x over the next year. Easy Home Finance said it will launch a platform-as-a-service (PaaS) next year to work with co-lenders and other housing finance companies to plug the demand-supply gap in the market.
Shinji Kimura, Founder of Harbourfront said that the Easy Home Finance model is well suited for the ongoing reforms in real estate finance in India. “We have no doubt Easy has amazing board members with global reach and a proven commitment to innovation and value creation. We are truly thrilled to participate in their journey as a strategic partner and look forward to working together to play a role in the country’s economic transformation,” Kimura added.
Chokhani, the founder and MD of Easy Home Finance, said the partnership with Harbourfront is the beginning of a long-standing relationship. “There has been much negative sentiment in the market surrounding NBFC’s / HFC’s but in the recent budget, the government has recognised that financial institutions play an extremely important role in the economy. Investors across the globe realise the opportunity of India’s fastest-growing industry, we hope that the domestic banks support companies,” he added.