Homeville, a fintech start-up that facilitates housing credit, including down payment assistance, has raised $7 million from a clutch of investors including 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, Blacksoil and Earlsfield Capital.
The venture, which provides up to 50 per cent of the down payment requirement while availing a home loan, plans to use the latest funding to further strengthen its technology infrastructure and scaling the mortgage platforms that serve millennial home buyers as well as those in the affordable segment.
The start-up – launched by IIM alumni Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya – operates three platforms as part of its housing credit enablement network.
The HomeCapital platform is the most popular one that facilitates down payment assistance programme, and is a market leader with $250 million worth of housing sales. The second platform Bharat Housing Network builds the co-lending infrastructure in affordable housing finance to deliver grassroot-level credit.
The third platform — HomeNxt (B2C) — is currently in beta stage and is a digital mortgage platform, which uses technology for mortgage underwriting and delivery.
“We pioneered India’s first down payment assistance program to accelerate housing for first time home buyers,” said Madhusudan Sharma, Co-founder, Homeville. “With our digital mortgage product and co-lending platform for affordable home finance, we are deepening our commitment to home buyers and India’s housing finance ecosystem,” he added.
In a similar context, Apoorva Ranjan Sharma, Founder, 9Unicorns and Venture Catalysts said that Homeville is building a credit network that will help accelerate ‘housing for all’ mission and create a massive social impact.