Fintech Firm BASIC Home Loan Bags USD 10.6 Mn to Drive Innovation in Underserved Housing Market Mortgage distribution platform plans to use the fresh funding to broaden market reach, develop its lending portfolio, and strengthen technological expertise.
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Gurugram-based fintech startup BASIC Home Loan has raised USD 10.6 million (INR 87.5 crore) in a Series B funding round led by Bertelsmann India Investments (BII) and UAE-based CE-Ventures, the venture capital platform of Crescent Enterprises.
The funding round also saw participation from existing investors such as Ashish Kacholia, Gruhas, Let's Venture, 9Unicorns, and Venture Catalysts, with Dexter Capital serving as the exclusive advisor for the deal.
BASIC Home Loan, founded in 2020 by Atul Monga and Kalyan Josyula, operates a tech-driven mortgage marketplace aimed at simplifying the home loan process, particularly for borrowers in India's underserved tier II and tier III cities.
The company has already raised USD 8.7 million across three previous funding rounds and plans to use the fresh capital to scale its market presence, build its own lending book, and enhance its technological infrastructure.
Additionally, it will focus on expanding its risk-sharing First Loss Default Guarantee (FLDG) business with lenders, aiming to serve a broader audience with innovative financial products.
Atul Monga, CEO and Co-founder of BASIC Home Loan,said, "We're thrilled to have Bertelsmann as our investor in our journey to make homeownership more accessible for millions of people living in tier II and tier III cities in India."
"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 offer innovative solutions to drive real impact in India's housing ecosystem," added Monga.
BASIC Home Loan has grown rapidly, processing over USD 12 billion in loan applications and disbursing more than USD 1.1 billion in loans through its network of 90+ financing partners.
The company claims to boast a network of 15,000+ agents and operates across 650 districts in India, having helped nearly 250,000 families secure their own homes.
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 II-III 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."
