BASIC Home Loan, a fintech startup, has raised $3.5 million in its Series A round led by Venture Catalysts (VCats) and Gruhas Proptech.
Earlsfield Capital and Good Capital, along with existing investor Picus Capital have also participated.
Founded in 2020 by Atul Monga and Kalyan Josyula, BASIC Home Loan is developing a platform for automating home loans for middle and low-income households in India. It aims to disburse over Rs 6,000 crore worth home loans over the next 18 months.
In its first 12 months, it claims to have disbursed Rs 400 crore of loans in over 15 cities. It plans to achieve a monthly loan disbursal run rate of Rs 200 crore and hire more than 300 people by March 2022.
BASIC Home Loan has over 25 bank partners on board right now. Nearly 25% of loans disbursed through it are with Pradhan Mantri Aawas Yojna applications and 30% for construction of new housing units.