In its Series B round, which was led by CE-Ventures and Bertelsmann India Investments (BII), fintech startup BASIC Home Loan raised $10.6 million (Rs 87.5 crore).
Ashish Kacholia, a current investor, increased his investment and stake in BASIC. Gruhas, Let’s Venture, 9Unicorns, and Venture Catalysts were among the previous investors who took part in the round.
Previously, the fintech startup situated in Gurugram had raised $8.7 million in three funding rounds. Leading the pre-Series B round, the startup raised $4.7 million in June 2023 under Kacholia’s direction.
The money raised will be put toward developing its own lending book, increasing its market presence, and improving its technology.
BASIC Home Loan, established in 2020 by Atul Monga and Kalyan Josyula, is creating a platform to automate home loans for Indian households with middle-class and lower-class incomes.
Since its establishment, BASIC Home Loan says it has helped almost 250,000 families in more than 650 districts buy their own homes and created indirect jobs for 15,000 people in tier-II and tier-III areas. Through its network of lenders, the company has disbursed more than $1.1 billion in loans and sourced loan applications totalling $12 billion.
It uses a hub-and-spoke model, deploying hubs in ten cities and employing 15,000 agents to service clients in thirty cities. The company’s tech-enabled mortgage solutions have been the driving force behind its 10x revenue growth over the last 24 months.
