With the help of CE-Ventures and Bertelsmann India Investments (BII), fintech firm BASIC Home Loan has raised $10.6 million (about Rs 87.5 crore) in its Series B round of funding.

Ashish Kacholia, an existing investor, raised his position in BASIC and made further investments. Existing investors Gruhas, Let us Venture, 9Unicorns, and Venture Catalysts were also involved in the round.

The finance business with its headquarters in Gurugram has previously raised $8.7 million in three fundraising rounds. The business raised $4.7 million in a pre-Series B investment led by Kacholia in June 2023.

The money raised will be put toward developing its own loan book, increasing its market presence, and improving its technology.

BASIC Home Loan, established in 2020 by Atul Monga and Kalyan Josyula, is creating a platform to automate home loans for Indian households with middle-class and lower-class incomes.

Since its establishment, BASIC Home Loan says it has helped about 250,000 households in more than 650 districts buy their own homes and created indirect jobs for 15,000 people in tier-II and tier-III areas. Through its network of lenders, the organization has disbursed more than $1.1 billion in loans and sourced loan applications totaling $12 billion.

It uses a hub-and-spoke approach, deploying hubs in ten locations and employing 15,000 agents to service clients in thirty cities. The company's tech-enabled mortgage solutions have been the driving force behind its 10x sales growth over the last 24 months.

Atul Monga, CEO and cofounder, Basic home loan says, “With this fresh round of funding, our focus is on expanding our reach, advancing our tech capabilities, and introducing tailored financial products to serve the evolving demands of the consumer and the ecosystem. We will be further expanding our risk-sharing FLDG (First Loss Default Guarantee) business with lenders, which will help us cater to a wider audience and offering innovative solutions to drive real impact in India's housing ecosystem”.