The investment was led by Bertelsmann India Investments (BII), the strategic investment arm of German giant Bertelsmann SE & Co. KGaA, as well as CE-Ventures, the venture capital platform of Crescent Enterprises, a leading diversified global enterprise headquartered in the Arab Emirates united.
Existing investor Ashish Kacholia invested further and increased his stake in the company, while the round also saw participation from existing investors including Gruhas, Let’s Venture, 9Unicorns and Venture Catalysts.
“With this new round of financing, our goal is to expand our reach, advance our technological capabilities and introduce tailor-made financial products to meet the evolving demands of the consumer and ecosystem. We will further develop our FLDG (First Loss Default Guarantee) activity of sharing risks with lenders, which will help us respond to a wider audience and offer innovative solutions to have a real impact on the housing ecosystem in India,” said Atul Monga, CEO and co-founder. , Basic home loan.
Dexter Capital acted as exclusive advisor to the company for this round.
Core Home Loan plans to use the newly raised funds to expand its market presence, build its own loan portfolio and improve its technological capabilities.
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“With its superior technology stack, the company has created a simple, unique and transparent solution in the industry and become a leading channel partner for lenders in less than 3 years. We are seeing strong tailwinds in the sector due to favorable government policies, especially for low and middle income groups, increasing nuclearization and improving affordability,” said Rohit Sood, partner at Bertelsmann India Investments. The Gurugram-based fintech startup has already raised $8.7 million in three funding rounds.
Since its inception, Basic has helped nearly 250,000 families across over 650 districts acquire their own homes and generated indirect employment for 15,000 people in Tier 2 and Tier 3 areas. The company has received loan applications totaling $12 billion and has disbursed more than $1.1 billion in loans through its lender network.
“Their ability to combine technology and on-the-ground expertise is impressive, and we are excited to be part of their journey towards transforming India’s housing finance ecosystem,” said Sudarshan Pareek, Vice President, CE Ventures . Incorporated in 2020, Basic Home Loan is a technology-driven mortgage marketplace that simplifies the home loan process for borrowers in Tier 2 and Tier 3 cities.
Using a hub-and-spoke model, Basic has set up hubs in 10 cities and serves customers in 30 cities through a network of 15,000 agents.
The housing sector in India has witnessed a transformative evolution, driven by favorable government policies like the Pradhan Mantri Awas Yojana (PMAY) that promote affordability and growth. The company achieved 10x revenue growth over the past 24 months, driven by its technology-enabled mortgage solutions.