The company has an aggressive expansion plan for 2022-23 and will be present in more than 100 cities of approximately 30 cities currently.
âAs the demand for housing increases, buyers are also looking for a home loan. Since most buyers are not end users, they are still looking for a home loan,â Monga said.
Basic Home Loan has approximately 5,000 agents in 30 cities and now plans to connect with builders for home loans.
âWe have already closed tie-ups and discussions with other top developers. This will help us get more leads as the developers will refer customers directly to us,â Monga said.
70% of the company’s lending falls into the affordable segment and has over 50 lending partners on board.
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The company’s recent funding round has seen participation from other venture capital funds, including Earlsfield Capital and Good Capital, and Basic’s existing Germany-based investor Picus Capital. Picus Capital, a start-up technology investment firm, had invested $500,000 in a funding round in October 2020.
In its first 12 months, the company had disbursed Rs 400 crore in loans in more than 15 cities.
The company then planned to achieve a monthly loan repayment rate of Rs 200 crore and increase its workforce by more than 300 by March 2022, which it managed to do.
âWe are confident to achieve the new target as well,â Monga said.