Homeville Raises $7 Mn From 9Unicorns And Varanium NexGen Fund
With their disruptive technology and the strong founding team, Homeville aims to broaden the entire housing finance market
Homeville, a financial technology company in-housing finance, on Thursday, announced to have raised $7 million with participation by 9Unicorns, Varanium NexGen Fund, JITOAngel Network, CREDAIMembers Network, Blacksoil, and Earlsfield Capital along with other investors.
Homeville is building a housing credit enablement network through its technology-driven platforms. The platforms serve the consumer housing credit demand and build the credit rails for institutional capital to flow seamlessly to retail credit assets linked to housing. The company has been a pioneer with its technology-enabled solutions for home buyers.
"We pioneered India's first down payment assistance program to accelerate housing for first-time home buyers. With our digital mortgage product and co-lending platform for affordable home finance, we are deepening our commitment to home buyers and India's housing finance ecosystem," said Madhusudan Sharma, co-founder, Homeville.
Homeville is leading the efforts to build open banking products on the mortgages side of the financial services industry. The company's technology architecture is based on open banking principles and designs. It creates significant operating leverage with an in-house technology stack powering its platforms.
"The company is building out the missing credit network and fintech rails in the massive Indian housing ecosystem. This will accelerate housing for all missions and create a massive social impact. We are backing a solid team with extraordinary leadership and execution track record,” commented Dr Apoorva Ranjan Sharma, founder, 9Unicorns and VentureCatalysts.
"Homeville’s various platforms address the challenges faced by millennial home buyers and the real estate market. The company aims to help accelerate the $100 billion housing industry, poised to reach approximately $500 billion by 2025. This company is focused on helping people buy their first home, facilitate the flow of credit to affordable housing and share lending infrastructure among the housing finance companies. With their disruptive technology and the strong founding team, Homeville aims to broaden the entire housing finance market,” shared Jaxay Shah, managing director, Savvy group, investor JITO Angel Network.
“Housing is a priority for government and regulators across the world. The long-term and safe nature of housing finance assets creates a large opportunity for new-age technology companies for building interesting fintech models. Homeville is uniquely positioned to be a market leader in the technology business driving home finance digitally,” added Aparajit Bhandarkar, partner, Varanium Capital.
The company operates three platforms as part of its housing credit enablement network. The hugely popular HomeCapital platform pioneered a down payment assistance program in India and is a market leader with $250 million of housing sales facilitated through the platform. Bharat Housing Network, the company's second platform, builds the co-lending infrastructure in affordable housing finance to deliver grassroots-level credit. The third platform, HomeNxt (B2C), currently in the beta stage, is a digital mortgage platform that uses technology for mortgages underwriting and delivery by leveraging India's technology stack. The company is building the entire software stack for the digital mortgage journey.