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Basic Home Loan, an innovative fintech startup that operates as an online broker for mortgages, has successfully secured a substantial equity investment of $4.7 million in its recent pre-Series B funding round. Leading the round is equity investor Ashish Kacholia, with existing investors Gruhas and Venture Catalysts also increasing their stake in the company.
Joining them in this funding round are new investors, including Dexter Angels, the IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund. The infusion of funds will play a pivotal role in Basic Home Loan's expansion plans, specifically to extend its distribution network into new regions and develop a proof of concept for its lending arm.
Atul Monga, CEO and co-founder of Basic Home Loan emphasized the significant progress the company has made in digitizing the mortgage industry. Through its tech-enabled distribution platform, the company has been handling a staggering volume of monthly applications totalling around Rs 3,000 crore nationwide. With a robust network of 7,500 agents and a presence in 650 districts, Basic Home Loan has attracted key investors such as Picus Capital, Gruhas, Venture Catalysts, 9Unicorns, Earlsfield Capital, and Good Capital.
Notably, Basic Home Loan achieved EBITDA profitability in March 2023, marking a significant milestone in its growth journey. Looking ahead, the company has ambitious plans to establish its own lending division, enabling the introduction of innovative financial products that cater to underserved market segments while spearheading the digital transformation of credit processes. Monga underlined the company's commitment to delivering a successful proof of concept by the end of the fiscal year 2024, paving the way for efficient scalability and effective balance sheet risk management.
Since its inception, Basic Home Loan has been instrumental in providing one lakh home loans across India, making a positive impact in the housing sector. In addition to its contribution to affordable housing, the company has indirectly generated employment opportunities for 7,500 individuals in tier-2 and tier-3 locations, contributing to regional economic development.
Lead investor Ashish Kacholia expressed confidence in Basic Home Loan's robust platform, which employs a unique "phygital" approach, blending physical and digital elements to enable affordable home loans for underserved customers. Kacholia commended the company's remarkable achievement of establishing a pan-India "asset-light" network and acknowledged its potential to become the country's first neo-housing finance company, driving innovation and accessibility in the sector.
Established in 2020, Basic Home Loan is an innovative fintech firm dedicated to revolutionizing the home lending landscape in India. Its mission is to create India's largest online brokerage for mortgages, utilizing a unique 'Phygital' approach to provide affordable home loans in Tier 2 and 3 cities. Through advanced technology, it aims to empower consumers, streamline the home-buying process, and bring financial security to families across India. With its digitized and automated platform, it simplifies home loan origination, documentation, customer verification, and disbursement, all from the convenience of one's home.
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