Basic Home Loan Raises $10.6 Mn In Series B Funding Led By Bertelsmann India Investments

Basic Home Loan, a fintech platform for the distribution of mortgages, raised USD10.6 million (Rs 87.5 crore) in a Series B funding round. The investment was led by Bertelsmann India Investments (BII), along with the participation of 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.

"We are thrilled to have Bertelsmann as our investor in our journey to make homeownership more accessible for millions of people living across tier 2 and tier 3 cities in India,” said Atul Monga,  Co-founder, Basic Home Loan.

Basic Home Loan said it plans to use the newly raised funds to expand its market presence, build its lending book, and enhance its technological capabilities. The Gurugram-headquartered fintech startup has previously raised USD 8.7 million across three rounds of funding.

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 USD 12 billion and disbursed more than USD 1.1 billion in loans through its network of lenders.

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.”

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.