BASIC Home Loan raises funds led by Venture Catalysts, others

BASIC Home Loan, a Gurugram-based startup developing a platform for automating home loans for middle and low-income households in India, raised $3.5 million in a Series A funding led by Venture Catalysts (VCats) and Gruhas Proptech of Nikhil Kamath and Abhijeet Pai of Puzzolana Group.

The round also saw participation from Earlsfield Capital and Good Capital. BASIC’s existing investor Picus Capital also invested in this round.

The company said in its first 12 months, BASIC has disbursed Rs 400 crore of loans in 15 plus cities. The company plans to achieve a monthly loan disbursal run rate of Rs 200 crore and hire 300 plus people in the workforce by March 2022. It has over 25 bank partners on board right now.  

Nearly 25% of loans disbursed through BASIC are with Pradhan Mantri Aawas Yojna applications and 30% for construction of new housing units. The startup has been co-founded by Atul Monga and Kalyan Josyula.  

BASIC aims to digitise the home loans process and increase affordable loans penetration for mid-and low-income households in India through a ‘phygital’ approach. The founders have the experience of building ventures in the fintech space and have worked with companies such as PolicyBazaar, Ola, Lazada, Credit Suisse, and Rocket Internet.