Internet Mortgage Distribution: BASIC Home Loan Secures $10.6 Mn in Series B Funding
Internet Mortgage Distribution Startup BASIC Home Loan Secures $10.6 Mn Funding
BASIC Home Loan, an innovative internet mortgage distribution startup, has successfully obtained $10.6 Mn (INR 87.5 Cr) in its Series B funding round, primarily led by Bertelsmann India Investments (BII). Other notable participants include CE-Ventures, Gruhas, LetsVenture, 100 Unicorns, and Venture Catalysts, alongside existing equity investor Ashish Kacholia.
The startup has ambitious plans to utilize the newly acquired funds for:
- Expanding its market presence.
- Building a robust lending portfolio.
- Enhancing its technology capabilities.
Founded in 2020 by Atul Monga and Kalyan Josyula, BASIC Home operates from Gurugram and focuses on simplifying mortgage processes through a digital platform. This platform efficiently matches borrowers with suitable lenders, streamlines application procedures, and facilitates quick loan disbursement.
Noteworthy achievements include:
- Sourcing loan applications totaling $12 Bn.
- Disbursing over $1.1 Bn in loans.
- Partnering with 90 banks and financial institutions, including State Bank of India, ICICI, HDFC, and Axis Bank.
Looking ahead, BASIC Home Loan plans to broaden its reach into various cities, including Pune, Hyderabad, Ahmedabad, Jaipur, Lucknow, Patna, Aligarh, Kolkata, Mangalore, Bhopal, Indore, Vadodara, and Surat.
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