BASIC Home Loan, a Gurugram-based startup developing a platform for automating home loans for middle and low-income households in India, has raised a $500,000 Seed round from Picus Capital, a Germany-based early-stage technology investment firm.
Atul Monga, Co-founder and CEO, Basic Home Loan said, “During a home loan process especially affordable housing, a customer has to go through multiple touch points, which is a pain. We are working to ensure that our tech enabled agent handholds them through this process of fulfillment from ‘documentation’ to ‘disbursement’ as their single point of contact.”
Founded in 2020, BASIC Home Loan’s vision is to digitise the home loans process and increase affordable loans penetration for mid-and low-income households in India. It aims to use the ‘Phygital’ approach in creating a network of agents who utilize its technology in handholding consumers, from ‘research’ to ‘final disbursement’ of home loans.
The startup has been Co-founded by Atul Monga, Kalyan Josyula and Pranav Khattar. The trio carry experience of building ventures in the fintech space, and have worked with companies such as Policybazaar, Ola, Lazada, Credit Suisse, HDFC Life, and Wadi.com in the past.
“We believe that Basic Home Loan has a very unique proposition to solve a very basic problem that consumers face i.e. quick formal finance access for affordable home purchases in India.
The Indian lending market has huge automation opportunities, and we want to support Basic Home Loan in fully tapping that potential,” added Oliver Heinrich, Partner at Picus Capital, GmbH. Picus Capital current investments in India include Lido Learning (education), Meddo (healthcare), and MoneyOnClick (lending).