September 30, 2024: BASIC Home Loan has secured $10.6 million in a Series B funding round. The fintech company, an automated platform for home lending in India aims to expand its market footprints, strengthen its lending portfolio, and consolidate its tech capabilities, further catering to lower and middle-income households in Tier II and III cities.
Since it was founded in 2020, the startup announced it processed over $12 billion in loan applications, disbursing $1.1 billion in home loans through its network of lenders.
“With its superior tech stack, it (BASIC) has created a simple, unique, and transparent solution in the industry and has become one of the leading channel partners for lenders in less than 3 years. We see strong tailwinds in the sector due to favourable government policies, rising nuclearisation and improving affordability. We’re proud to join Atul and Kalyan in this journey,” Rohit Sood, Partner at Bertelsmann India Investments, said in a statement.
BASIC Home Loans Claims Tenfold Revenue Growth in Two Years
The Atul Monga and Kalyan Josyula, founded startup revealed its 15,000+ agent network spans 650 districts, with hubs in 10 cities. It claims the company has grown its revenue tenfold over the past two years.
Sudarshan Pareek, Vice President at CE Ventures, said “BASIC Home Loan’s innovative approach simplifies home loans for Tier II and III cities. Their ability to blend technology with on-the-ground expertise is impressive, and we are excited to be part of their journey towards transforming the housing finance ecosystem in India.”
The latest round of funding was led by Bertelsmann India Investments (BII) and UAE based CE-Ventures, the venture capital platform of Crescent Enterprises. Existing investors Ashish Kacholia, Gruhas, Let’s Venture, 9 Unicorns, and Venture Catalysts also participated in this round of investment.
