Germany-based Picus Capital invests $500K in early-stage startup BASIC Home Loan

Startups < Updated On: 27 October 2020 10:00 AM IST

BASIC Home Loan, a Gurugram-based home loan facilitator for Indian households, has secured a $500,000 Seed funding from Germany-based technology investment company Picus Capital.

 

Founded in 2020 by fintech enthusiasts Atul Monga, Kalyan Josyula and Pranav Khattar, BASIC Home Loan aims to automate affordable home loan space for  mid and low income households in order to easily facilitate the loan disbursement process.

 

"During a home loan process especially affordable housing, a customer has to go through multiple touch points, which is a pain. We are working to ensure that our tech enabled agent handholds them through this process of fulfillment from 'documentation' to 'disbursement' as their single point of contact," BASIC Home Loan CEO Atul Monga was quoted as saying by Yourstory.

 

"With support from Picus Capital's funds and ecosystem, our focus will be on changing the way how Bharat (India) finances its affordable homes," he added.

 

Notably, the startup has so far disbursed loans up to $3 million in its first month. At present, it is acting as a bridge between lenders and people in need of home loans. Going forward, it plans to create its own loan book.

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