Fintech startup BASIC mortgage reaches Rs 10,000 cr annual disbursement rate
BASIC Home Loan, a Gurgaon-based Series-A funded fintech startup, announced that it has reached an annual disbursement rate of Rs 10,000 crores and enabled gross disbursement of home loans worth Rs 900 crores from March 2023.
With new buyers entering the market and mortgage demand increasing, this is a 500% annual growth in loan disbursements from 2022. The company has also hit EBITDA-level profitability with an ARR of Rs 125 crores in March this year.
Having partnered with over 60 banks, HFCs and NBFCs, the company has cumulatively processed home loan applications worth USD 3.5 billion by 2023, a 600% increase in loan applications by 2022.
Speaking on the occasion, the founder of BASIC Home Loan, Atul Monga said, ‘When we embarked on this journey 2.5 years ago, we realized that there is an under-fulfillment of loan requirements in Tier 2 and 3 locations. Given that a significant portion of the Indian population belongs to middle and low income households, our aim was to create a social impact and meet their housing needs. We have always been positive about unit economy on our journey. But instead of just scaling the business without caring about profitability, we want to follow a balanced approach to create something that is sustainable. I thank my teammates for an exciting journey so far and wish us all more success going forward.’
Digitization has been a key enabler for BASIC since its inception. To help India achieve its goal of “Housing for All”, the company uses a Phygital approach to serve affordable housing customers requiring Rs 10-40 lakhs as home loan.
“We believe India’s housing problem can be solved through an efficient lending and distribution system. Our goal is to empower low- and middle-income households to achieve their dreams of home ownership through product innovation and digitized mortgages, adds Atul.
According to BASIC, with mortgage demand picking up after the pandemic slowdown, it was able to meet the credit needs of 20,000+ families in 2022. This figure has grown steadily as economic activities resumed, and currently catering to the credit needs of 1,00,000 families across India.
About Basic mortgages for housing
Founded in 2020, BASIC Home Loan is a Gurugram-headquartered Series A Funded Startup developing a home loan automation platform for middle and low-income households in India, with a special focus on the affordable housing segment. Picus Capital, Gruhas Proptech, 9 Unicorns and Good Capital are among the company’s key investors.
The company has grown from a team of 15 members to a workforce of 250+ team members and a network of 7,000+ mortgage agents. Currently it has 30 branches with presence in cities like Agra, Ahmedabad, Bangalore, Bhopal, Chandigarh, Delhi-NCR, Faridabad, Gurgaon, Gwalior, Hyderabad, Indore, Jaipur, Lucknow, Meerut, Mumbai, Noida, Patna, Pune, Surat and others.
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