The company has an aggressive expansion plan for the year 2022-23 and it will be present in over 100 cities. Currently, it’s in 30 cities only.
Basic home loan is a Gurugram based start-up, recently it has raised $3.5 million in a funding round led by Venture Catalysts (VCats) and Gruhas Proptech, company is expecting to disburse Rs 1,000 crore every month by March 2023 from Rs 200-250 crore currently, Atul Monga, cofounder of the company ET. told
Monga shared “As the demand for homes is growing, buyers are looking for home loans as well. Since most, if the buyers are not end users, they always look for home loan.”
The company has about 5,000 agents across 30 cities and now it is planning to have tie-ups with builders for home loans.
Monga added “We have already done some tie-ups and in talks with other leading developers. This will help us in getting more leads as developers will send the customers directly to us.”
The company’s 70% of the loan comes under the affordable segment and it has over 50 lending partners on board.
The company saw participation from other venture capital funds, including Earlsfield Capital and Good Capital, and Basic’s existing investor Germany-based Picus Capital in the recent funding round. Picus Capital, an early-stage technology investment firm, had invested $500,000 in a seed round in October 2020.
In its first year, the company had already disbursed Rs 400 crore in loans in over 15 cities.
The company then planned to achieve a monthly loan disbursal run rate of Rs 200 crore and increase the workforce by more than 300 by March 2022, which it has managed to do.
Monga informed “We are confident of meeting the new target as well.”
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