The Busy Brains
19 Jun 2023
Mumbai-based Basic Home Loan, an online mortgage brokerage startup, receives a significant investment of $4.7 million to fuel its expansion plans. Discover how Basic Home Loan aims to automate home loans and empower middle and low-income households with its innovative lending solutions.
Basic Home Loan, a leading online mortgage brokerage startup based in Mumbai, has recently raised $4.7 million in a funding round led by investor Ashish Kacholia. Existing investors Gruhas and Venture Catalysts also increased their stakes, while new investors such as Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund joined the round.
The infusion of funds will enable Basic Home Loan to extend its distribution network to new regions and develop a proof of concept for its lending arm. The startup, founded in 2020 by Atul Monga and Kalyan Josyula, aims to revolutionize the home loan process for middle and low-income households in India through an automated platform.
With a monthly application volume of around Rs 3,000 crore nationwide, Basic Home Loan has established itself as a key player in the mortgage industry. The company boasts a vast network of 7,500 agents operating in 650 districts across the country.
In March 2023, Basic Home Loan achieved profitability, positioning itself as a financially stable and sustainable entity. Building on its success, the company plans to establish its own lending arm to introduce innovative products and drive digital transformation in the credit sector. Since its inception in 2020, Basic Home Loan has already provided one lakh home loans to individuals across India.
Notably, Basic Home Loan has indirectly created job opportunities for 7,500 individuals in tier-2 and tier-3 locations, contributing to local economic development. The company has ambitious goals, aiming to disburse over Rs 6,000 crore worth of home loans in the next 18 months, further empowering Indian households with their home ownership dreams.
As Basic Home Loan continues to expand its reach and deliver exceptional mortgage services, this recent investment sets the stage for the startup to make a significant impact in the Indian mortgage market, offering accessible and efficient home loan solutions to a wider audience.