The company has aggressive expansion plan for 2022-23 and will be present in over 100 cities from about 30 cities currently.
“As the demand for homes is growing, buyers looking for home loan as well. Since most if the buyers are not end users, they always look for home loan,” Monga said.
Basic Home Loan has about 5,000 agents across 30 cities and it is now planning to have tie ups with builders for home loan.
“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,” Monga said.
Company’s 70% of the loan comes under affordable segment and it has over 50 lending partners on board.
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The recent funding round of the company saw participation from other venture capital funds, including Earlsfield Capital and Good Capital, and Basic’s existing investor Germany-based Picus Capital. Picus Capital, an early-stage technology investment firm, had invested $500,000 in a seed round in October 2020.
In its first 12 months, the company had 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 workforce by more than 300 by March 2022, which it has managed to do.
“We are confident of meeting the new target as well,” said Monga.
