Easy Home Finance, a Mumbai-based digital mortgage startup, raised $35 million in a Series B funding round led by Ranjan Pai’s Claypond Capital and Sumitomo Mitsui Banking Corporation’s Asia Rising Fund.
The funding round also saw participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund.
The company plans to use the fresh funds to grow its assets under management (AUM) to $300 million in 24 months and build its presence in 150 locations in the country. Currently, the company has an AUM of around $90 million and is present in 90 locations.
Founded in 2018, the company has now raised over $100 million in equity & debt and has given out 10,000 loans as of now. In 2021, Easy Home Finance last raised $15 million in its Series A round led by the homegrown private equity firm, Xponentia Capital.
Easy Home Finance MD Rohit Chokhani said, “This funding will propel our efforts to make home financing truly digital, efficient, and accessible. By leveraging advanced data insights, our in-house technology suite not only simplifies the loan process but also accelerates the journey from loan origination to homeownership.”
Claypond Capital CIO Shyam Powar said, “Easy’s commitment to transforming the affordable housing finance sector by putting technology at the forefront is enabling real-time credit appraisals, seamless digital property validations, and a smooth loan disbursal process, making home financing accessible for everyone.”
Rajeev Kannan, Co-head of Asia Pacific, Managing Executive Officer, Sumitomo Mitsui Banking Corporation (SMBC), said, “Through our local mortgage arm, SMFG India Home Finance Company Limited, SMBC Group looks forward to collaborating with Easy Home Finance to bring continued affordability and innovation to India’s housing market and contribute to its sustainable growth.”
