BASIC Home Loan has recently closed its Series B funding for $10.6 million. This round was led by Bertelsmann India Investments (BII), and CE-Ventures, the venture capital engaged of Crescent Enterprise headquartered in UAE. This funding round also saw previous investors like Ashish Kacholia, Gruhas, Let’s Venture, 9 Unicorns, and Venture Catalysts participating.
Loans and Innovative Approach of BASIC Home Loan
Basic Home Loan Private Limited was incorporated in 2020 by Atul Monga and Kalyan Josyula. BASIC Home Loan has established itself as one of the leading competitors in the mortgage services distribution business. It has handled over $12 billion in loan applications through its many lenders. It has disbursed over $1.1 billion in home loans. This latest funding round establishes it as a unique and scalable business model that has the potential to disrupt the housing finance market in India.
Funding Details
The Series B funding of $10.6 million shall expand its market, increase the size of lending, and improve the technological platform of BASIC Home Loan. The company will form another segment focused on the Nico population in the country of low and middle-income earners in tier II and III cities. BASIC Home Loan currently has a pool of over 15,000 agents spread across 650 districts and hubs in 10 cities, and this puts the firm in good standing to utilize this new capital for expansion and innovation.
The Partner at Bertelsmann India Investments, Rohit Sood said, “With its superior tech stack, it (BASIC) has created a simple, unique, and transparent solution in the industry and has become one of the leading channel partners for lenders in less than 3 years. We see strong tailwinds in the sector due to favourable government policies, rising nuclearisation and improving affordability. We’re proud to join Atul and Kalyan in this journey.”
Growth of Revenue and Impact
BASIC Home Loan company has expanded its revenue throughout the periods and in the last two years it has ten times more than it had at the start. The innovative physical and digital strategy has helped this company to develop one of the best models of guaranteeing affordable homes for credit. This has eased the loan granting process and expanded customer reach to the excluded and unserved base. BASIC Home loan has influenced the clients not only in the provision of home loans. It has indirectly established 7500 entities in Tier II and III cities and aided nearly 100,000 households to gain homeownership. This is in line with the Indian government’s ‘Housing for All by 2022’ plan which seeks to ensure that every citizen has a house.
The Vice President at CE Ventures, Sudarshan Pareek said, “BASIC Home Loan’s innovative approach simplifies home loans for Tier II and III cities. Their ability to blend technology with on-the-ground expertise is impressive, and we are excited to be part of their journey towards transforming the housing finance ecosystem in India.”
Conclusion
The latest funding round of $10.6 million Series B by Bertelsmann India Investments is a major achievement for BASIC Home Loan. With this emerging financing, it will be able to widen its coverage, create other related services and products, and help BASIC Home Loan engender its aim of extending home loans to those who require it most.
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