Total amount raised
$19.1 Millions
Latest funding date
9/1/2024
Location
Basic Home Loan has successfully raised ₹875,000,000 in its latest Series B funding round, backed by notable investors such as 100Unicorns, Gruhas, Hauz Khas Ventures, and Bertelsmann. The company offers a streamlined mortgage distribution platform designed to automate the loan process for prospective homeowners.
Keep reading to explore the intricacies of Basic Home Loan's fundraising journey and the investors backing this innovative platform.
What Is Basic Home Loan?
Founded in 2020, Basic Home Loan is a fintech company based in Gurgaon, Haryana, India. The company specializes in developing an automated platform for home lending, aiming to streamline the loan process for prospective homeowners.
Basic Home Loan was co-founded by Atul Monga and Kalyan Josyula. The platform leverages technology to provide paperless online home loan sanctions and faster loan disbursements.
With a workforce of 251-500 employees, Basic Home Loan continues to innovate in the mortgage distribution space, ensuring end-to-end fulfillment through an asset-lite agent network.
How Much Funding Has Basic Home Loan Raised?
- Seed Round
- Amount Raised: $500,000
- Date: October 2020
- Lead Investors: Picus Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to support early-stage development and operations.
- Series A
- Amount Raised: $3.5 million
- Date: September 2021
- Lead Investors: Gruhas, Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely for initial growth and development of the company's platform and services.
- Pre-Series B
- Amount Raised: $4.7 million
- Date: June 2023
- Lead Investors: Ashish Kacholia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the distribution network to new geographies and to build a proof of concept for starting its own lending arm.
- Series B
- Amount Raised: ₹875 million (approximately $10.6 million)
- Date: September 2024
- Lead Investors: Bertelsmann India Investments, CE-Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance the technology platform.
Total amount raised: $19.3 million. Current valuation: Not publicly disclosed.
Key Investors
- Bertelsmann India Investments
- Details: Bertelsmann India Investments is the strategic investment arm of Bertelsmann SE & Co. KGaA in India. They focus on early-stage and growth-stage investments in the digital, education, media, and services sectors.
- Investment Focus Areas: Media, services, education.
- Notable Investments: Pepperfry, Shiprocket, Lendingkart.
- CE-Ventures
- Details: CE-Ventures is the corporate venture capital arm of Crescent Enterprises, focusing on investments in innovative and high-growth potential companies. They aim to support businesses that can create a positive impact on society.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Not specified.
- Ashish Kacholia
- Details: Ashish Kacholia is a well-known stock market investor in India, recognized for his strategic investments in high-growth companies. He has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, finance, various sectors.
- Notable Investments: Not specified.
- Gruhas
- Details: Gruhas is an investment firm that focuses on proptech and real estate technology. They aim to support innovative solutions in the property and construction sectors.
- Investment Focus Areas: Proptech, real estate technology.
- Notable Investments: Not specified.
- Venture Catalysts
- Details: Venture Catalysts is an early-stage investment firm that provides funding and mentorship to startups. They have a broad portfolio across various sectors, supporting innovative and scalable businesses.
- Investment Focus Areas: Early-stage startups, various sectors.
- Notable Investments: Beardo, Fynd, Supr Daily.
What's Next for Basic Home Loan?
Basic Home Loan is poised to capitalize on significant opportunities in the fintech sector. With plans to disburse over Rs 6,000 crore in home loans over the next 18 months, the company aims to expand its distribution network and develop a lending arm. This growth trajectory is supported by a robust network of 7,500 agents and a presence in 650 districts, positioning the company to meet the rising demand for automated home loans among middle- and low-income households in India.
Future fundraising opportunities appear promising, given the successful pre-Series B round and the company's ambitious goals. Basic Home Loan may seek additional funding to support its expansion and the development of innovative financial products. However, challenges such as scaling operations, regulatory hurdles, and competition from other fintech companies and traditional financial institutions could pose obstacles. Ensuring the scalability and reliability of their technology platform will be crucial for sustained growth.
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