Easy Home Finance, a first-time home loan provider, has raised $35 million in its Series B funding round, led by Claypond Capital, which is chaired by Ranjan Pai of Manipal Group, along with Sumitomo Mitsui Banking Corporation’s Asia Rising Fund, the company announced. This funding underscores the increasing confidence investors have in the housing finance space.
The round also saw participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund. “The fundraise will be used for our asset book building and reach approximately $300 million in assets in the next 24 months,” Rohit Chokhani, managing director at Easy Home Finance, told Moneycontrol.
The firm is looking to expand its network to more than 150 locations across the country, Chokhani added. Recently, Easy Home Finance and DCB Bank tied up for disbursing affordable home loans.
“We have developed an in-house prop-tech combined with credit tech we are able to deliver seamless consumer experience within minutes and not days. We’ve seen multiple clients from origination to moving-in the property on the same day,” Chokhani said.
Founded in 2017 2018 by Chokhani, Easy is a mortgage tech company providing digital first home loans to middle-income group consumers in India. The company has so far raised over $100 million in equity and debt.
In 2021, the firm announced raising $15 million as part of a Series-A funding round which was led by private equity firm Xponentia Capital Partners. Earlier in August 2019, it had raised an undisclosed amount from Harbourfront Capital.
"We are excited to join forces with Rohit and the Easy team in this mission to digitise the mortgage industry,
ensuring that more individuals can realise their dream of homeownership," said Shyam Powar, CIO of
Claypond Capital.
The funding comes when investors are increasingly betting big on this segment.
Vridhi Home Finance, a similar startup, raised around Rs 300-320 crore (around $37 million) in a fresh round led by Norwest Venture Partners, people aware of the developments told Moneycontrol.
Also Read: Vridhi Home Finance nears deal to raise Rs 300 crore from Norwest Venture Partners
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