Homeville Consulting Pvt Ltd, a housing credit enablement network, has raised $7 million (around Rs 52 crore) from 9Unicorns, Varanium NexGen Fund, an alternative investment vehicle operated by Varanium Capital Advisors, and others.
The funding round included Venture Catalysts, JITO Angel Network, CREDAI Members Network, Blacksoil and Earlsfield Capital.
Mumbai-based Homeville is building a housing credit enablement network through its technology-driven platforms which meet the consumer housing credit demand and build the credit rails for institutional capital to flow to retail credit assets linked to housing.
The current funding will be used to further strengthen its technology infrastructure and scaling the mortgage platforms serving millennial home buyers as well as homebuyers in the affordable segment.
Homeville was founded in 2017 by IIM alumni Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya.
It last raised funding in May 2020 led by Varanium Capital.
The company operates three platforms as part of its housing credit enablement network. One, HomeCapital for down payment assistance that has facilitated $250 million of housing sales through the platform. HomeCapital’s services are primarily targeted at millennials.
Two, Bharat Housing Network builds the co-lending infrastructure in affordable housing finance to deliver grassroots-level credit. And the third platform, HomeNxt (B2C), currently in the beta stage, is a digital mortgage platform which uses technology for mortgage underwriting and delivery by leveraging India's technology stack.
"We pioneered India's first down payment assistance program to accelerate housing for first-time homebuyers. With our digital mortgage product and co-lending platform for affordable home finance, we are deepening our commitment to home buyers and India's housing finance ecosystem," said Sharma.