BASIC Home Loan raises $3.5M in Series A round
BASIC Home Loans recently announced that it raised $3.5 million in its Series A round led by Venture Catalysts (VCats) and Gruhas Proptech. The round also saw participation from Earlsfield Capital and Good Capital, along with existing investor Picus Capital, among others.
The Gurugram-based startup plans on using the capital raised to achieve a monthly loan disbursal rate of Rs 200 crore and hire over 300 people by March next year.
BASIC Home Loans CEO and co-founder Atul Monga said, “We are working towards making home loans simpler, transparent and BASIC for low-income households. We have had a great start in our journey, creating a strong distribution network in affordable housing hotspots in 15 cities in the first 12 months. We would further strengthen our distribution across 40+ cities along with digitization of credit processes during the next phase.”
Founded in July 2020 by Atul Monga and Kalyan Josyul, the startup plans to develop a platform for automating home loans for middle and low-income households in India.
Commenting on the investment, Abhijeet Pai of Gruhas Proptech said, “We were impressed by the way BASIC Home Loan has used the Phygital approach to keep the cost variable in order to achieve positive unit economics, that too for small-ticket affordable home loans, at which even the biggest of the financial institutions struggle.”
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