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Economic Times
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Easy Home Finance secures $35 million from Claypond Capital, others
- Easy Home Finance has raised $35m in a funding round led by Claypond Capital and Sumitomo Mitsui Banking Corporation’s Asia Rising Fund.
- The home financing startup also saw participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund.
- With the fresh funds, the company aims to grow its assets under management to $300m and build a presence in 150 locations within India.
- Currently, Easy Home Finance's assets under management is around $90m and it is present in 90 locations in the country.
- Easy Home Finance, which caters to people needing home loans between Rs 10 lakh (approximately $13,480) and Rs 50 lakh, has given out 10,000 loans as of now.
- The company's founder, Rohit Chokhani, who belongs to a family in the real estate business, built the startup's online customer journey.
- In addition to this funding, Easy Home Finance has raised over Rs 450 crore (approximately $60m) in debt from around 25 banks.
- Chokhani said that he has staff on the ground to visit customers to build their confidence and collect physical documents of the house which gets hypothecated to the lender.
- The company underwrites the house's details with data to get it approved via the app instantly.
- Easy Home Finance sources 25% of its applications digitally through online search platforms and another 25% through its partnership with government agencies.
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