HomeCapital gets fresh funding from Varanium NexGen, others
Startup helps homebuyers with a down payment assistance programme
May 25, 2020 / 09:57 PM IST
Fintech startup HomeCapital has raised seed funding from Varanium NexGen Fund along with a clutch of other investors like Venture Catalysts, JITO Incubation and Innovation Foundation, Singapore Angel Network, Venture Gurukool and Shalin Shah.
The Mumbai-based startup helps homebuyers with a down payment assistance programme up to half of their initial costs at zero interest, which can be repaid over the next one to two years.
The programme is live across Mumbai, Bengaluru, Chennai, Pune and Kolkata. Now armed with the new funds, the company will expand its operations and scale up the technology infrastructure. Unitus Capital was the financial advisor to the transaction.
“HomeCapital’s product address an important challenge for the millennial homebuyers and the real estate market. The team has a strong track record of execution both from a technology and business perspective at frugal costs,” said Aparajit Bhandarkar, Partner, Varanium Fund.
While new in India, this sector has seen significant traction with most notable transactions include a $30 million fund raise by US-based Divvy in a round led by Andresson Horowitz and a $40 million Series B by Unison and Landed, a Y Combinator incubated company that completed a $7 million round with participation by the Zuckerberg Foundation.