Fintech startup BASIC Home Loan has raised $4.7 million in a pre-Series B round led by stock market investor Ashish Kacholia. Existing investors Gruhas and Venture Catalysts have doubled down their investment in BASIC.
With this round of investment, the company has raised $8.7 million since inception including a $3.5 million Series A round in October 2021.
According to BASIC Home Loan, the funds will be used for expanding its distribution network to new geographies, and for building a proof of concept to start its own lending arm.
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.
Since inception, BASIC claims to have helped nearly 1 lakh families in over 650 districts to have a house of their own, and in the process, helped with indirect employment of 7,500 people in tier II and III locations.