Fintech company Basic Homeloan has raised $3.5 million in Series A funding led by Venture Catalysts (VCats) and Gruhas Proptech - an exclusive platform by Nikhil Kamath of Zerodha and Abhijeet Pai of Puzzolana Group to invest in Disruptive Proptech Companies.
Other venture capitalists like Earlsfield Capital and Good Capital have also invested in the company. Basic’s existing investor Picus Capital reinvested in this round as well.
Basic is a Gurugram-based startup developing a platform for automating home loans for middle and low-income households in India. Through technology for faster loan disbursements, the company aims to digitise the home loans process. Its vision is to increase affordable loans penetration for mid-and low- income households in India through a ‘phygital’ approach.
In its first 12 months, Basic has disbursed Rs 400 crore of loans in more than 15 cities. The company plans to achieve a monthly loan disbursal run rate of Rs 200 crore. Nearly 25 percent of loans disbursed through Basic are with Pradhan Mantri Aawas Yojna applications and 30 percent for construction of new housing units. The startup has been co-founded by Atul Monga and Kalyan Josyula.
The round also saw participation from Haldiram’s, LetsVenture syndicate led by Anupam Mittal, promoters of Sapient Wealth, Amit Nanavati, Dhruv Dhanraj Bahl (COO, BharatPe through Bharat Founders Fund), Parag Shah (Managing Partner, Mahindra Partners), Alex Babu (Founder Hedge Finance), and Alex Lin (CEO, Outlier) among others.
"We have been overwhelmed by the interest that ecosystem players such as real estate developers and housing finance companies have shown in partnering and investing with us in achieving the goal of ‘Housing for All’. We would further strengthen our distribution across 40+ cities along with digitisation of credit processes during the next phase,” Atul Monga, Co-Founder & CEO, BASIC Home Loan, said.
Abhijeet Pai of Gruhas said that they were impressed by Basic's phygital approach, while Apoorva Ranjan Sharma, Co-founder of VCats said that this was one of the largest deals on their platform.
"We are very impressed by the speed at which the BASIC team has entered the market and made a significant contribution to the affordable housing sector. We are excited to have partnered with the team from day one", remarked Oliver Heinrich, Partner at Picus Capital.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
