BASIC Home Loan Secures $4.7 Million in Pre-Series B Funding
- ByStartupStory | June 17, 2023
Fintech startup BASIC Home Loan has successfully raised $4.7 million in a pre-Series B funding round, with notable investor Ashish Kacholia taking the lead. Existing investors Gruhas and Venture Catalysts have also increased their investment in BASIC, showcasing their confidence in the company’s potential.
This latest funding round brings BASIC’s total raised capital to $8.7 million, which includes a previous Series A round of $3.5 million in October 2021. The additional funds will enable BASIC Home Loan to further enhance its services and expand its market presence.
Fintech startup BASIC Home Loan has announced that the recently secured funds will be utilized for expanding its distribution network into new geographical areas. Additionally, the company plans to allocate resources towards developing a proof of concept for launching its own lending arm.
Co-founded by Atul Monga and Kalyan Josyula in 2020, BASIC Home Loan is focused on automating home loans for middle and low-income households in India. With its strategic growth plans, the company aims to disburse home loans worth over Rs 6,000 crore within the next 18 months.
Since its establishment, BASIC Home Loan has made a significant impact by assisting close to 1 lakh families across more than 650 districts in achieving their dream of owning a home. Through its dedicated efforts, BASIC Home Loan has also contributed to the indirect employment of approximately 7,500 individuals in tier II and III locations. By providing accessible home loan solutions, BASIC Home Loan continues to positively transform lives and strengthen local economies.
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