Mortgage distribution platform BASIC Home Loan has raised $10.6 million in a Series B funding round led by Bertelsmann India Investments (BII), along with participation of CE-Ventures, the venture capital platform of Crescent Enterprises.
Existing investors including Ashish Kacholia, Gruhas, Let’s Venture, 9 Unicorns, and Venture Catalysts.
BASIC Home Loan plans to use the newly raised funds to expand its market presence, build its own lending book, and enhance its technological capabilities. The Gurugram-headquartered fintech startup has previously raised $8.7 million across three rounds of funding.
Since its inception, the company has assisted nearly 250,000 families across over 650 districts in acquiring their own homes and generating indirect employment for 15,000 individuals in tier-2 and -3 areas.
The company has sourced loan applications totalling more than $12 billion and disbursed more than $1.1 billion in loans through its network of lenders.
“With this fresh round of funding, our focus is on expanding our reach, advancing our tech capabilities, and introducing tailored financial products to serve the evolving demands of the consumer and the ecosystem. We will be further expanding our risk-sharing FLDG (First Loss Default Guarantee) business with lenders, which will help us cater to a wider audience and offering innovative solutions to drive real impact in India’s housing ecosystem,” said said Atul Monga, CEO and Co-founder, BASIC Home Loan.
Incorporated in 2020, BASIC Home Loan is a tech-driven mortgage marketplace that simplifies the home loan process for borrowers in tier 2 and 3 cities.
Basic Home Loan has a network of around 7,500 agents, a presence in 650 districts and around 70 financing partners.