Gurugram-based fintech startup, BASIC Home Loan, has raised $10.6 million (Rs 87.5 crore) in its Series B funding round, led by Bertelsmann India Investments (BII) and CE-Ventures. The round also saw continued support from existing investor Ashish Kacholia, who increased his stake, along with Gruhas, Let’s Venture, 9Unicorns, and Venture Catalysts.
This latest infusion brings BASIC Home Loan’s total fundraising to $8.7 million over three rounds, including a pre-Series B round of $4.7 million led by Kacholia in June 2023. The new funds will be allocated toward expanding the company’s market presence, building a lending book, and enhancing technological capabilities.
Founded in 2020 by Atul Monga and Kalyan Josyula, BASIC Home Loan focuses on automating the home loan process for middle- and low-income households in India. To date, the company claims to have facilitated home ownership for 250,000 families across more than 650 districts, generating indirect employment for 15,000 people in tier-II and tier-III cities. BASIC Home Loan has sourced loan applications worth $12 billion and disbursed over $1.1 billion through its lender network.
With a hub-and-spoke model in 10 cities and operations extending to 30 cities through 15,000 agents, BASIC has witnessed a 10x revenue surge in the past two years, driven by its tech-enabled mortgage solutions. This funding round marks a significant step in scaling up the company’s offerings and market reach in India’s underserved housing finance sector.
