Ashish Kacholia, an investor in the stock market, led a pre-Series B round that raised $4.7 million for the fintech startup BASIC Home Loan. Gruhas and Venture Catalysts, two previous investors, have increased their BASIC stake.
The company has now raised $8.7 million in total, including a $3.5 million Series A round in October 2021, with this round of investment.
According to BASIC Home Loan, the funds will be used to develop a proof of concept for launching its own lending arm as well as to extend its distribution network to new geographical areas.
Atul Monga and Kalyan Josyula founded BASIC Home Loan in 2020 with the goal of creating a platform for automating home loans for Indian households with middle- and low-income levels. Over the next 18 months, it intends to disburse home loans totaling more than Rs 6,000 crore.
According to BASIC, since its inception, it has aided nearly 1 lakh families in over 650 districts in obtaining their own homes and, in the process, has indirectly employed 7,500 people in tier II and III locations.
