Easy Home Finance Secures $35 Million in Series B Funding
- ByStartupStory | November 6, 2024
Easy Home Finance, a digital-first mortgage tech company providing home loans, has announced raising $35 million in its Series B funding round. The round was led by Claypond Capital, chaired by Ranjan Pai of Manipal Group, along with participation from Sumitomo Mitsui Banking Corporation’s Asia Rising Fund. Existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund also participated, underscoring the rising confidence in the housing finance sector.
“The fundraise will be used for our asset book building and reach approximately $300 million in assets in the next 24 months,” shared Rohit Chokhani, managing director at Easy Home Finance, in an interview with Moneycontrol. The company is focused on expanding its reach and plans to establish a presence in more than 150 locations across India over the next two years.
Easy Home Finance has integrated proprietary prop-tech and credit-tech, allowing customers to experience a streamlined, almost instantaneous process for home loan approvals. “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 added.
Claypond Capital’s Chief Investment Officer, Shyam Powar, expressed confidence in Easy Home Finance’s digital vision for the mortgage industry. “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,” he said.
Founded in 2018, Easy Home Finance provides home loans to middle-income consumers through a tech-driven approach that simplifies the mortgage process. Since inception, the firm has raised over $100 million in equity and debt. In 2021, Easy Home Finance raised $15 million in a Series A round led by Xponentia Capital Partners, with Harbourfront Capital investing in the firm as early as 2019.
This latest funding comes at a time when investors are increasingly focused on housing finance, with competitors like Vridhi Home Finance recently securing around Rs 300-320 crore (approximately $37 million) in a round led by Norwest Venture Partners, as reported by sources close to the developments.
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