Basic Home Loan, a fintech platform for the distribution of mortgages, raised $10.6 million in a Series B funding round led by Bertelsmann India Investments (BII). The investment also saw participation from CE-Ventures, the venture capital platform of Crescent Enterprises, a leading global, diversified business headquartered in the UAE.
Existing investor Ashish Kacholia invested further and increased his stake in Basic. The round also saw participation from existing investors, including Gruhas, Let’s Venture, 9 Unicorns, and Venture Catalysts. Dexter Capital acted as the exclusive advisor to Basic for this round.
The newly raised funds will be used to expand its market presence, build its lending book, and enhance its technological capabilities.
The Gurugram-headquartered fintech startup has previously raised $8.7 million across three rounds of funding, including $4.7 million raised in a pre-Series B round led by Kacholia in June 2023.
“With this fresh round of funding, our focus is on expanding our reach, advancing our tech capabilities, and introducing tailored financial products to serve the evolving demands of the consumer and the ecosystem. We will be further expanding our risk-sharing FLDG (First Loss Default Guarantee) business with lenders, which will help us cater to a wider audience and offering innovative solutions to drive real impact in India’s housing ecosystem,” said Atul Monga, CEO and co-founder, Basic Home Loan.
Rohit Sood, Partner at Bertelsmann India Investments, said, “Basic Home Loan is revolutionising the home loan experience, especially for the underserved, low-income borrowers from tier 2-3 cities. With its superior tech stack, it has created a simple, unique, and transparent solution in the industry and has become one of the leading channel partners for lenders in less than 3 years. We see strong tailwinds in the sector due to favourable government policies, rising nuclearization & improving affordability. We’re proud to join Atul and Kalyan in this journey.”
Sudarshan Pareek, Vice President at CE Ventures, said, “At CE Ventures, we are committed to supporting companies that leverage technology to address critical needs in underserved markets. BASIC Home Loan’s innovative approach simplifies home loans for tier 2 and 3 cities. Their ability to blend technology with on-the-ground expertise is impressive, and we are excited to be part of their journey towards transforming the housing finance ecosystem in India.”
Incorporated in 2020, Basic Home Loan is a tech-driven mortgage marketplace that simplifies the home loan process for borrowers in tier 2 and 3 cities. Through its extensive Agent Network, the company offers users the ability to compare loans from multiple lenders while guiding them throughout the application process.
Since its inception, Basic claimed that it has assisted nearly 250,000 families across over 650 districts in acquiring their own homes and generating indirect employment for 15,000 individuals in tier-2 and -3 areas. The company has sourced loan applications totalling $12 billion and disbursed more than $1.1 billion in loans through its network of lenders.
