NABVENTURES Fund leads Series A, raising ₹125 crores for Bharat Housing Network

• ByStartupStory     |    November 9, 2023

Bharat Housing Network secures ₹125 crores in Series A funding, led by NABVENTURES Fund and joined by investors including Varanium NexGen Fund, 9Unicorns, Riverwalk Holdings, SMK Ventures, DMI Sparkle Fund, LC Nueva, and others. NABVENTURES Fund, recognized as India’s top-performing VC fund in agri-food-rural tech, backed by NABARD, SIDBI, Axis Bank, LIC, and more, spearheads this investment, marking their seventh announcement in the first ten months of 2023.

Bharat Housing Network, a leading technology platform for co-lending in affordable housing, operates as India’s largest co-lending infrastructure for credit delivery in affordable mortgages. The platform, employing a hybrid capital model, facilitates housing finance companies and non-banking finance companies in housing credit delivery at the grassroots level.

The housing finance sector in India presents substantial growth opportunities, driven by the nation’s increasing population, rising household incomes, and a growing demand for housing. The platform, focused on expanding India’s largest co-lending network, aims to reach $500 million in gross disbursements within the next three years.

Additionally, Bharat Housing Network is actively enhancing its technology stack, introducing features such as voice messaging and stickers. The platform’s integrated technology aims to provide a comprehensive co-lending solution, fostering faster turnaround times and increased efficiency for partner institutions. With 23 financial institutions onboarded, the platform leverages partner branch networks across 200 locations in 12 states.

Rajesh Ranjan, CEO of NABVENTURES Fund, emphasizes the significance of affordable housing in the context of rapid urbanization, aligning with government initiatives stating,  “Rapid urbanisation has led to an unprecedented increase in the demand for affordable housing. However, the shortage of affordable housing has affected millions around the world, particularly those with low and moderate incomes. In his Independence Day speech, Prime Minister had mentioned about ensuring affordable credit for poor and middle-class housing. Our investment in Bharat Housing Network builds on the stellar efforts of PM Awaas Yojana and other government initiatives to encourage low-cost housing and affordable loans for the same. Bharat Housing Network endeavours to bring down the cost of borrowing for home loan buyers in Bharat’s hinterlands. Bharat Housing Network is our seventh investment this year and we intend to invest in at least 9 startups by the year-end.”

Lalit Menghani, Founder of Bharat Housing Network, underscores the importance of a robust housing sector for India’s development, positioning housing finance at the core of their business model. The fresh funding will be deployed to expand affordable mortgage assets on the balance sheet and strengthen the technology platform.

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Equity360 served as the financial advisor for the transaction. NABVENTURES Fund, with an AUM of INR 598 crore, remains committed to investments in food, agritech, and rural fintech, backed by notable institutions like NABARD, SIDBI FoF, Axis Bank, LIC, and others.

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