Fintech start-up BASIC Home Loan has said it has raised $4.7 million of equity investment in pre-Series-B round. Existing investors Gruhas & Venture Catalysts have doubled down on BASIC & invested further, increasing their stake.
“New investors who joined the round are Dexter Angels, IIM Indore Alumni Angel Fund, and CommsCredible Venture Fund. The company aims to use these funds for expanding its distribution network to new geographies, and for building a proof of concept to start its own lending arm,” according to a statement.
Dexter Capital Advisors was the advisor to BASIC for this round of investment.
Atul Monga, CEO and co-founder, BASIC Home Loan, said, “Having achieved EBITDA profitability in March 2023, the infusion of new funds will enable us to establish a lending arm, introducing innovative products for un/underserved segments and paving the way to digitize credit.”
With this round of investment, the company has raised $8.7mn since inception. Picus Capital, 9Unicorns, Earlsfield Capital and Good Capital are among the company’s other key investors. In addition, the company is backed by notable angels like Anupam Mittal, and others from Venture Catalysts, LetsVenture and Angelist platforms.
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