Fintech platform BASIC Home Loan has raised $10.6 million in a Series B funding round, led by Bertelsmann India Investments.
The round also saw participation from CE-Ventures, the venture capital platform of UAE-based Crescent Enterprises. Renowned equity investor Ashish Kacholia invested further and increased his stake in the company. The round also saw participation from other existing investors, including Gruhas, Let's Venture, 9 Unicorns and Venture Catalysts.
Dexter Capital acted as the exclusive adviser to BASIC Home Loan for this round.
The home loan company plans to use the newly raised funds to expand its market presence, build its own lending book and enhance its technological capabilities. The Gurugram-headquartered startup has previously raised $8.7 million across three rounds of funding.
“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,” Atul Monga, chief executive officer and co-founder, BASIC Home Loan said.
“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 offering innovative solutions to drive real impact in India's housing ecosystem,” he added.
Incorporated in 2020, the tech-driven mortgage marketplace intends to simplify the home loan process for borrowers in tier-II and III cities. The company has developed a proprietary technology stack for matching lenders and borrowers.
Through its extensive agent network, the company offers users the ability to compare loans from multiple lenders while guiding them throughout the application process.
The company has set up hubs in 10 cities, and caters to customers in 30 cities through a network of over 15,000 agents. It has over 90 financing partners and a presence in 650 districts. Since its inception, the company has processed loan applications worth over $12 billion.
In June 2023, the company raised $4.7 million in a pre-series B funding round led by Ashish Kacholia.
Gruhas Proptech, Venture Catalysts, Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund also took part in the round.
