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Fintech firm BASIC Home Loan gets $3.5 mn from Series A funding

2021-10-28

Fintech firm BASIC Home Loans has raised $3.5 million in Series A funding led by Venture Catalysts and Gruhas Proptech, Earlsfield Capital and Good Capital. The other companies that participated in the round include Haldiram's Lets Venture, led by Anupam Mittal, promoters Sapient Wealth, Amit Nanavati, Dhruv Dhanraj Bahl, Parag Shah, Alex Babu and Alex Lin.

Omaxe, Rustomjee Group and Thakker Developers also invested in the company.

Co-founder and CEO of BASIC, Atul Monga, said that the company has a strong network in affordable housing and 15 cities in just one year. It has strengthened its distribution over 40 cities, including digitization of credit processes in the next phase.

The company said that it had disbursed Rs 400 crore of loans in over 15 cities and as more than 25 banking partners.

It aims to disburse Rs 6,000 crore loans for households within the next 18 months. It plans to disburse a monthly loan of Rs 200 crore and hire over 300 people by March 2022.

BASIC said that about 25% of the loan amount is with Pradhan Mantri Awas Yojna (PMAY) applications and 30% for the construction of new houses.

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