Fintech startup Basic Home Loan gets $10.6 million in Series B round

BASIC Home Loan, a fintech startup has raised $10.6 million in its Series B round of funding. The round was led by Bertelsmann India Investments (BII), along with CE-Ventures.

Existing investors Ashish Kacholia, Gruhas, Let’s Venture, 9Unicorns, and Venture Catalysts also took part in the fresh round of Basic Home Loan.

“With its superior tech stack, the company 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 favorable government policies, especially for lower- and middle-income groups, rising nuclearization & improving affordability,” said Rohit Sood, partner at Bertelsmann India Investments.

The company plans to use the funding to expand its market presence, build its lending book, and enhance its technological capabilities. 

Basic Home Loan was founded in 2020 by Atul Monga and Kalyan Josyula. It is developing a platform for automating home loans for middle and low-income households in India. 

The startup had previously raised $8.7 million across three rounds of funding. In June 2023, the startup had raised $4.7 million in a pre-Series B round led by Kacholia. 

“With this fresh round of funding, our focus is on expanding our reach, advancing our tech capabilities, and introducing tailored financial products to serve the evolving demands of the consumer and the ecosystem. We will be further expanding our risk-sharing FLDG (First Loss Default Guarantee) business with lenders, which will help us cater to a wider audience and offer innovative solutions to drive real impact in India's housing ecosystem,” said Atul Monga, CEO and cofounder, Basic home loan.