Basic Home Loan raises $4.7 million in pre-Series B
ECONOMY & POLICY

Basic Home Loan raises $4.7 million in pre-Series B

A pre-Series B funding round for the fintech business Basic Home Loan, an online mortgage broker, saw an equity investment of $4.7 million.

Equity investor Ashish Kacholia took the lead in the round, and previous backers Gruhas and Venture Catalysts increased their investment.

Additionally participating were new investors Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund. The money generated will be use creating a proof of concept for Basic's lending arm as well as expanding Basic's distribution network into new areas.

According to a statement released by the company, Atul Monga, CEO and co-founder of Basic Home Loan, emphasised the company's substantial success in digitising mortgages, with its tech-enabled distribution handling almost 30,000 million applications nationally each month. The business is present in 650 districts and has a network of 7,500 agents. The company's principal investors include Picus Capital, Gruhas, Venture Catalysts, 9Unicorns, Earlsfield Capital, and Good Capital.

Basic Home Loan plans to launch its own lending arm, introduce cutting-edge solutions for underserved areas, and lead the credit industry's digital revolution after achieving EBITDA profitability in March 2023. Monga emphasised the need for a successful proof of concept to be delivered by FY2024 in order to facilitate effective scaling and balance sheet risk management.


A pre-Series B funding round for the fintech business Basic Home Loan, an online mortgage broker, saw an equity investment of $4.7 million.Equity investor Ashish Kacholia took the lead in the round, and previous backers Gruhas and Venture Catalysts increased their investment.Additionally participating were new investors Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund. The money generated will be use creating a proof of concept for Basic's lending arm as well as expanding Basic's distribution network into new areas.According to a statement released by the company, Atul Monga, CEO and co-founder of Basic Home Loan, emphasised the company's substantial success in digitising mortgages, with its tech-enabled distribution handling almost 30,000 million applications nationally each month. The business is present in 650 districts and has a network of 7,500 agents. The company's principal investors include Picus Capital, Gruhas, Venture Catalysts, 9Unicorns, Earlsfield Capital, and Good Capital.Basic Home Loan plans to launch its own lending arm, introduce cutting-edge solutions for underserved areas, and lead the credit industry's digital revolution after achieving EBITDA profitability in March 2023. Monga emphasised the need for a successful proof of concept to be delivered by FY2024 in order to facilitate effective scaling and balance sheet risk management.

Next Story
Infrastructure Transport

Gurgaon-Pataudi-Rewari Highway Set for Completion by December 2025

The National Highways Authority of India (NHAI) has set a new target to complete the four-lane Gurgaon-Pataudi-Rewari highway by December 2025, following a two-year delay.Originally planned in 2018 to upgrade the two-lane state highway into a national highway, the project is estimated to cost Rs 9 billion. Construction, which began in 2021, was initially scheduled for completion in November 2023. According to NHAI, around 70 per cent of the work is already complete, with two major structures still pending: a railway overbridge at Pahari village and a two-lane unidirectional flyover on Dwarka E..

Next Story
Infrastructure Transport

UP Plans Rs 900 Million Extensions to Hindon Elevated Road

The Uttar Pradesh state bridge corporation has prepared the detailed project report and cost estimates for two proposed extensions of the 10.3-km Hindon elevated road, officials said on Thursday. The road connects Raj Nagar Extension to UP-Gate near the east Delhi border, and the project is expected to cost around Rs 900 million.The two extensions, each 400 metres long, will be added to the existing elevated road to ensure smoother traffic flow. “One of the extensions will be from near the Kanawani culvert (near Indirapuram) to the elevated road for commuters heading towards Delhi. The other..

Next Story
Infrastructure Urban

Goa Likely to Miss October Deadline for Maritime Master Plan

Goa is expected to miss the October 31 deadline for submitting its maritime and waterways master plan, which covers the state’s 105 km coastline and river network. The delay is due to the project management consultant not yet being appointed. The plan is now anticipated to be completed by December, Captain of Ports Octavio Rodrigues stated at the India Maritime Week 2025 roadshow.“We have already selected the consultant and will bring them on board within a week. Only then can we begin drafting the master plan, which is essential to secure central government funding,” Rodrigues added.A c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?