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Home financing startup Easy Home Finance has secured $35 million in a funding round led by Ranjan Pai ’s family office Claypond Capital and Japanese financial services major Sumitomo Mitsui Banking Corporation’s Asia Rising Fund. US Election 2024 US Election News Live Updates State-wise voting times in IST & when to expect early trends US will make history. For the right reasons, or the wrong.
Existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund, also participated in the round. “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.
Armed with the fresh funds, the company wants to grow its assets under management (AUM) to $300 million and build its presence in 150 locations in the country. Currently, the company has an AUM of around $90 million and is present in 90 locations. It has given out 10,000 loans as of now.
Chokhani, who belongs to a family which was into the real estate business, said that he built Easy Home Finance in a way that the entire customer journey is online leveraging his prior experience in his family business. The startup began operations in 2019 with the first round of funding from Singapore-based Harbourfront Capital in August 2019 and in 2021 Xponentia Capital joined the capitalisation table. To date, the company has raised over Rs 450 crore in debt from around 25 banks.
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The company sources the remaining portion through partnerships with online aggregators, real estate brokers and agents. “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, Claypond Capital, in a statement.
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