Fintech startup Homeville on Thursday said it raised $7 million from 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, Blacksoil, and Earlsfield Capital, along with other investors.
Apoorva Ranjan Sharma, Founder, 9Unicorns and Venture Catalysts, said,
“The company is building out the missing credit network, and fintech rails in the massive Indian housing ecosystem. This will accelerate housing for all missions and create a massive social impact. We are backing a solid team with extraordinary leadership and execution track record.”
Homeville is building a housing credit enablement network through its technology-driven platforms. The platforms serve the consumer housing credit demand and build the credit rails for institutional capital to flow seamlessly to retail credit assets linked to housing.
The startup claims to have been a pioneer with its technology-enabled solutions for home buyers.
Homeville operates three platforms as part of its housing credit enablement network.
- The HomeCapital platform pioneered a down payment assistance programme in India. It is a market leader with $250 million of housing sales facilitated through the platform.
- Bharat Housing Network, the company’s second platform, builds the co-lending infrastructure in affordable housing finance to deliver grassroots-level credit.
- The third platform, HomeNxt (B2C) — currently in the beta stage — is a digital mortgage platform that uses technology for mortgages underwriting and delivery by leveraging India’s technology stack. The company is building the entire software stack for the digital mortgage journey.
Madhusudan Sharma, Co-founder, Homeville, said,
“We pioneered India’s first down payment assistance programme to accelerate housing for first-time home buyers. 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.”
“Homeville’s various platforms address the challenges faced by millennial home buyers and the real estate market. The company aims to help accelerate the $100 billion housing industry, poised to reach approximately $500 billion by 2025. This company is focused on helping people buy their first home, facilitate the flow of credit to affordable housing, and share lending infrastructure among the housing finance companies,” added Jaxay Shah, MD of Savvy Group, Investor – JITO Angel Network, and Ex-National President, CREDAI.
Aparajit Bhandarkar, Partner at Varanium Capital, said, “The long term and safe nature of housing finance assets create a large opportunity for new-age technology companies for building interesting fintech models. Homeville is uniquely positioned to be a market leader in the technology business driving home finance digitally.”