BASIC Home Loan, a Gurugram-based startup developing a platform for automating home loans for middle and low-income households in India, raised $3.5 million in a Series A funding led by Venture Catalysts (VCats) and Gruhas Proptech, an investment platform of Zerodha founder Nikhil Kamath and Abhijeet Pai of Puzzolana Group.
The round also saw participation from Earlsfield Capital and Good Capital. BASIC’s existing investor Picus Capital also invested in this round.
The company said in its first 12 months, BASIC has disbursed Rs 400 crore of loans in 15 plus cities. The company plans to achieve a monthly loan disbursal run rate of Rs 200 crore and hire 300 plus people in the workforce by March 2022. It has over 25 bank partners on board right now.
The company has 25+ bank partners on board right now. Nearly 25% of loans disbursed through BASIC are with Pradhan Mantri Aawas Yojna applications and 30% for construction of new housing units. The startup has been co-founded by Atul Monga and Kalyan Josyula.
“We are working towards making home loans simpler, transparent, and BASIC for low-income households. We have had a great start in our journey, creating a strong distribution network in affordable housing hotspots in 15 cities in the first 12 months,” said Atul Monga, Co-Founder & CEO, BASIC Home Loan.
Nearly 25% of loans disbursed through BASIC are with Pradhan Mantri Aawas Yojna applications and 30% for construction of new housing units. The startup has been co-founded by Atul Monga and Kalyan Josyula.
BASIC aims to digitise the home loans process and increase affordable loans penetration for mid-and low-income households in India through a ‘phygital’ approach. The founders have the experience of building ventures in the fintech space and have worked with companies such as PolicyBazaar, Ola, Lazada, Credit Suisse, and Rocket Internet.
Deals in the housing finance segment
Earlier this month, Aviom India Housing Finance, which focuses on secured home loans and loans against property in Tier-II and Tier-III towns raised $8 million (around Rs 59 crore) in Series C funding from Sabre Partners.
In September, Gurugram-based Ummeed Housing Finance raised Rs 270 crore ($37 million) in its Series E funding round led by Norwest Venture Partners and joined by existing investor Morgan Stanley Private Equity Asia.
In the same month, Homeville Consulting Pvt Ltd, a housing credit enablement network raised $7 million (around Rs 52 crore) from 9Unicorns, Varanium NexGen Fund, and others.