Homeville, a financial technology startup in housing finance, on Thursday said it has raised USD 7 million (around Rs 51 crore) from investors including 9Unicorns, Varanium NexGen Fund, JITO Angel Network, and Blacksoil, to scale up mortgage platforms and strengthen technology infrastructure.

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Mumbai-based Homeville is founded by IIM alumni - Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya.

 

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Homeville said in a statement that it has raised "USD 7 million with participation by 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, Blacksoil and Earlsfield Capital along with other investors."

"The current funding will be used to further strengthen its technology infrastructure and scaling the mortgage platforms serving millennial home buyers as well as homebuyers in the affordable segment," it added.

In May 2020, the company had raised funds from Varanium NexGen Fund, Venture Catalysts, JITO Incubation and Innovation Foundation, Singapore Angel Network, Venture Gurukool, and Shalin Shah among others marquee investors. It did not disclose the amount last year.

Homeville operates three platforms as part of its housing credit enablement network. The first platform HomeCapital which provides interest-free money to homebuyers for a down payment.

Bharat Housing Network, the company's second platform, builds the co-lending infrastructure in affordable housing finance to deliver grassroots-level credit.

The third platform, HomeNxt (B2C), currently in the beta stage, is a digital mortgage platform that uses technology for mortgages underwriting and delivery by leveraging India's technology stack.

Commenting on the latest round of fund raise, Madhusudan Sharma, Co-founder, Homeville, said: "We pioneered India's first down payment assistance program to accelerate housing for first-time homebuyers.

With our digital mortgage product and co-lending platform for affordable home finance, we are deepening our commitment to home buyers and India's housing finance ecosystem."

Jaxay Shah, Managing Director of Savvy group, Investor JITO Angel Network, and former national president of CREDAI, said Homeville's various platforms address the challenges faced by millennial home buyers and the real estate market.

"This company is focused on helping people buy their first home, facilitate the flow of credit to affordable housing and share lending infrastructure among the housing finance companies. With their disruptive technology and the strong founding team, Homeville aims to broaden the entire housing finance market," he added.

Apoorva Ranjan Sharma, Founder 9Unicorns and Venture Catalysts said the company is building out the missing credit network and fintech rails in the massive Indian housing ecosystem.

"This will accelerate housing for all mission and create a massive social impact," Sharma said.

Aparajit Bhandarkar, the Partner, Varanium Capital, said: "Housing is a priority for government and regulators across the world. The long term and safe nature of housing finance assets create a large opportunity for new-age technology companies for building interesting fintech models."