A leading provider of affordable housing loans in India with in-house full-stack tech, Easy Home Finance has raised $35 Mn in its Series B funding round co-led by Claypond Capital, the investment office of Manipal Group’s Ranjan Pai, and Japanese banking giant Sumitomo Mitsui’s Asia Rising Fund.
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Existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India also participated in the round.
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Easy said it will use the new funding to increase its assets under management (AUM) to $300 million during the next 24 months and expand its network to more than 150 sites across India.
Sumitomo Mitsui’s India mortgage subsidiary, SMFG India Home Finance Company, will also partner with Easy Home Finance to “bring continued affordability and innovation to India’s housing market and contribute to its sustainable growth” as part of the agreement.
“We cater to the segment of the population which needs home loans between Rs 10 lakh and Rs 50 lakh. Our clients are buying their first homes in places which are at the periphery of large cities like Mumbai and Bengaluru,” said Rohit Chokhani, managing director, Easy Home Finance.
“We use digital data to underwrite the property and rely on government sources for this underwriting process, so we can offer an instant sanction via our app,” Chokhani said.
Easy Home Finance specializes in providing online mortgages tailored to India’s affordable housing initiatives, leveraging in-house technology such as AI-based underwriting and data-centric property evaluation to enable 60% of customers to complete the loan process digitally via its omnichannel services and mobile app.
“Easy is enabling real-time credit appraisals, seamless digital property validations, and a smooth loan disbursal process, making home financing accessible for everyone. This change empowers underserved communities by simplifying access to home credit and enhancing the overall borrowing experience,” said Shyam Powar, chief investment officer, of Claypond Capital.
About Easy Home Finance
Rohit Chokhani, founded Easy Home Finance in 2017 to re-engineer the mortgage process ground up. Easy Home Finance has revolutionized the industry with India’s very first online mortgage experience, helping millions achieve their dream of first home ownership.
