Fintech startup BASIC Home Loan has raised $10.6 million (Rs 87.5 crore) in its Series B round led by Bertelsmann India Investments (BII), along with CE-Ventures.
Existing investor Ashish Kacholia invested further and increased his stake in BASIC. The round also saw participation from existing investors, including Gruhas, Let’s Venture, 9Unicorns, and Venture Catalysts.
The Gurugram-based fintech startup had previously raised $8.7 million across three rounds of funding. In June 2023, the startup had raised $4.7 million in a pre-Series B round led by Kacholia.
The proceeds will be used to expand its market presence, build its own lending book, and enhance its technological capabilities.
Founded in 2020 by Atul Monga and Kalyan Josyula, BASIC Home Loan is developing a platform for automating home loans for middle and low-income households in India.
Since its inception, BASIC Home Loan claims to have assisted nearly 250,000 families across over 650 districts in acquiring their own homes and generating indirect employment for 15,000 individuals in tier-II and III areas. The company has sourced loan applications totaling $12 billion and disbursed more than $1.1 billion in loans through its network of lenders.
Using a hub-and-spoke model, it has set up hubs in 10 cities and caters to customers in 30 cities through a network of 15,000 agents. The company has achieved 10x revenue growth in the past 24 months, led by its tech-enabled mortgage solutions.
By Entrackr
Source: Entrackr