Fintech startup Basic Home Loan on Wednesday said it has raised $4.7 million (Rs 38.5 crore) in a pre-Series B funding round led by stock market investor Ashish Kacholia.
Existing investors Gruhas Proptech and Venture Catalysts along with new investors Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund also participated in the round.
The Gurugram-based company will use the fresh funds for expanding to new geographies and to develop its lending vertical.
"Having achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability in March 2023, the infusion of new funds will enable us to establish a lending arm and introduce products for un/underserved segments,” said Atul Monga, co-founder and chief executive officer, Basic Home Loan.
Founded in 2020 by Monga and Kalyan Josyula, Basic Home Loan is an online brokerage platform for mortgages and aims to make home loans accessible for low and middle-income households in tier II and tier III cities. The company claims to have a network of 7500 agents across India and 70 financing partners.
The company has cumulatively raised $8.7 million since inception. In 2021, the startup secured $3.5 million in a Series A funding round led by Venture Catalysts (VCats) and Gruhas Proptech. The round also saw participation from Earlsfield Capital, Good Capital and Picus Capital.
Meanwhile, existing investor Gruhas Proptech is the real estate-focused investment platform of Zerodha founder Nikhil Kamath and Abhijeet Pai of Puzzolana Group. In April, the firm announced the launch of the second cohort of its accelerator and proptech scaling program, Gruhas Aspire.