Revolutionizing the Internet of Mortgages: BASIC Home Loan's $10.6 Mn Funding Triumph
Funding Boost for BASIC Home Loan
Mortgage distribution startup BASIC Home Loan has bagged $10.6 Mn (INR 87.5 Cr) as part of its Series B funding round led by Bertelsmann India Investments (BII). The round also saw participation from CE-Ventures, Gruhas, LetsVenture, 100 Unicorns and Venture Catalysts, along with existing investor and equity investor Ashish Kacholia.
Strategic Investment Plans
The company plans to use these fresh funds to expand its market presence, build its lending portfolio, and enhance its technology capabilities. Founded in 2020 by Atul Monga and Kalyan Josyula, Gurugram-based BASIC Home streamlines mortgage processes through a digital platform that matches borrowers with suitable lenders, facilitates quicker loan applications, and ensures prompt disbursements.
- Loan Applications Processed: $12 Bn
- Loans Disbursed: Over $1.1 Bn
- Partners: 90 banks and financial institutions, including State Bank of India, ICICI, HDFC, and Axis Bank
Future Expansion Plans
BASIC Home Loan aims to extend its services into cities like Pune, Hyderabad, Ahmedabad, Jaipur, Lucknow, Patna, Aligarh, Kolkata, Mangalore, Bhopal, Indore, Vadodara, and Surat.
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