Mumbai-based Homeville has raised $7 million from investors to scale-up mortgage platforms and strengthen technology infrastructure.
A financial technology startup in housing finance, Homeville is founded by Indian Institute of Management (IIM) alumni - Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya. It has raised $7 million with participation by 9Unicorns, JITO Angel Network, Confederation of Real Estate Developers' Associations of India (CREDAI) Members Network, Varanium NexGen Fund, Blacksoil, and Earlsfield Capital along with other investors, Homeville told the media. The current funding will be used to further grow its technology infrastructure and scaling the mortgage platforms helping millennial home buyers as well as homebuyers in the affordable segment, it added. The company had raised funds from Varanium NexGen Fund, Venture Catalysts, Singapore Angel Network, Venture Gurukool, JITO Incubation, and Innovation Foundation, and Shalin Shah among other marquee investors in May 2020. It did not reveal the amount last year. Homeville runs three platforms as part of its housing credit enablement network. HomeCapital, the company's first platform which gives interest-free money to homebuyers for a down payment. The company's second platform is Bharat Housing Network which builds the co-lending infrastructure in affordable housing finance to give grassroots-level credit. The third platform, HomeNxt (B2C), currently in the beta stage, is a digital mortgage platform that utilises technology for mortgages underwriting and delivery by leveraging the technology stack of India. Homeville, Co-founder Madhusudan Sharma, said that the company established India's first down payment assistance program to stimulate housing for first-time homebuyers. With the digital mortgage product and co-lending platform for affordable home finance, it is deepening the promise to home buyers and India's housing finance ecosystem. Various platforms of Homeville address the difficulties faced by millennial home buyers and the real estate market, said Jaxay Shah, Managing Director of Savvy group, Investor JITO Angel Network, and former national president of CREDAI. This company is focused on supporting people to buy their first home, facilitate the flow of credit to affordable housing and share lending infrastructure between the housing finance companies. Image Source
