BASIC Home Loan, a fintech startup, raised $10.6 million in its Series B funding round. The round was led by Bertelsmann India Investments (BII), alongside CE-Ventures.
Existing investors Ashish Kacholia, Gruhas, Let’s Venture, 9Unicorns and Venture Catalysts also participated in the new round of core home loans.
“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 company plans to use this financing to expand its market presence, grow its loan portfolio and improve its technological capabilities.
Basic Home Loan was founded in 2020 by Atul Monga and Kalyan Josyula. It is developing a home loan automation platform for middle- and low-income Indian households.
The startup had already raised $8.7 million in three funding rounds. As of June 2023, the startup had raised $4.7 million in a pre-Series B round led by Kacholia.
“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) business 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.