Fintech startup BASIC Home Loan raises $4.7M in funding

Mumbai-based Basic Home Loan, an online mortgage brokerage startup, has secured a $4.7 million investment in a funding round led by investor Ashish Kacholia, with existing investors Gruhas and Venture Catalysts increasing their stakes.

New investors, including Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund, also participated. 

The startup said it plans to use the funds to expand Basic's distribution network into new regions and develop a proof of concept for its lending arm.

Founded in 2020 by Atul Monga and Kalyan Josyula, BASIC Home Loan is developing a platform for automating home loans for middle and low-income households in India

The startup claims that its distribution handles around Rs 3,000 crore in monthly applications nationwide. Basic Home Loan has a network of 7,500 agents and operates in 650 districts.

The company achieved profitability in March 2023 and plans to establish its own lending arm to introduce innovative products and drive digital transformation in credit. Since its inception in 2020, Basic Home Loan has provided one lakh home loans across India.

The company claims to have indirectly created job opportunities for 7,500 individuals in tier-2 and tier-3 locations and aims to disburse over Rs 6,000 crore worth of home loans over the next 18 months.

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