SUMMARY
- BASIC Home Loan raised $10.6M in Series B funding led by Bertelsmann India Investments.
- The funding will enhance technology, expand lending, and grow its market presence in housing finance.
- The firm has processed $12B in loan applications, spending over 1.1B through 90 partners
BASIC Home Loan, a mortgage distribution startup has raised $10.6 million (₹87.5 crore) in its Series B fundraising round headed by Bertelsmann India Investments (BII). Along with current investor and equity investor Ashish Kacholia, the round also included participation from CE-Ventures, Gruhas, LetsVenture, 100 Unicorns, and Venture Catalysts.
The company intends to increase its technological capabilities, develop its lending portfolio, and increase its market presence with the new funding.
Co-founder of BASIC Home Loan, Atul Monga states, “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 offer innovative solutions to drive real impact in India’s housing ecosystem.”
“BASIC Home Loan is revolutionizing the home loan experience, especially for the underserved, low-income borrowers from tier 2-3 cities. With its tech stack, it has created a simple, unique, and transparent solution in the industry”, says Rohit Sood, Partner at Bertelsmann India Investments (BII).
BASIC Home Loan, a Gurugram-based company founded in 2020 by Atul Monga and Kalyan Josyula, simplifies mortgage procedures by matching customers with qualified lenders, expediting application processing, and enabling prompt loan disbursements. With its network of lenders, the business claims to have sourced loan applications totaling $12 billion and spent over $1.1 billion in loans. Its partnership portfolio includes 90 banks and financial institutions, such as Axis Bank, ICICI, HDFC, and State Bank of India.
As per the startup, its income has grown by 10X. “We are close to ₹60 crore this year, we were around ₹6 crore in FY22, ₹30 Cr in FY23,” stated Monga. With this new round, BASIC Home Loan has received $19.3 million in capital overall. The firm raised $3.5 million in Series A capital in 2021, $4.7 million in a Pre-Series B funding round last year, and $500,000 in 2020.
