Mumbai-based fintech firm, HomeCapital raised funds in the latest funding round led by Veranium NexGen Fund. The round also saw contribution from Venture Catalysts, JITO Incubation and Innovation Foundation, Singapore Angel Network, Venture Gurukool, and Shalin Shah and several others.
The company focuses on accelerating housing for millennial generation of the country and is currently operating in 8 cities including Mumbai, Chennai, Bengaluru and Pune. HomeCapital aims to facilitate easier home ownership for buyers through their down payment assistance program. It provides down payment assistance to the client of up to half of their initial costs at zero interest rate which is to be repaid in 1-2 years.
Madhusudan Sharma and Prasad Ajinkya, co-founders of HomeCapital said in a statement, “With this capital commitment, we continue to build a strong business foundation in the housing sector to support aspiring homebuyers and remain focused in bringing a positive impact in the lives of millions of people.”
The startup has planned to use the raised amount for expansions and enhancing the technology infrastructure. The founders believe that HomeCapital’s services address an important challenge for the millennial homebuyers and the real estate market. The firm has had a strong track record of execution in both technology and business at affordable prices.
HomeCapital aims to contribute to the $100 billion housing industry expected to reach $500 billion by 2025. The startup claims to have completed $125 million worth of housing sales under its flagship program. They are also working on a new platform called HomeNxt, a home loan co-lending platform.