The Business Bytes
TBB BUREAU
MUMBAI, SEPT 30, 2021
Homeville, a financial technology company in housing finance has raised US$7 million with participation by 9 Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, Blacksoil and Earlsfield Capital along with other investors.
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 company has been a pioneer with their technology enabled solutions for home buyers.
Homeville is leading the efforts to build open banking products on the mortgages side of the financial services industry. The company’s technology architecture is based on open banking principles and designs. It creates significant operating leverage with an in-house technology stack powering its platforms. The current funding will be used to further strengthen its technology infrastructure and scaling the mortgage platforms serving millennial home buyers as well as homebuyers in the affordable segment.
The company operates three platforms as part of its housing credit enablement network. The hugely popular HomeCapital platform pioneered down payment assistance program in India and is a market leader with US$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 which 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.
Dr. 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 mission and create a massive social impact. We are backing a solid team with extraordinary leadership and execution track record.”
“We pioneered India’s first down payment assistance program 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,” said Madhusudan Sharma, Co-founder, Homeville.
Jaxay Shah, MD of Savvy group, Investor JITO Angel Network and former National President, CREDAI added, “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. With their disruptive technology and the strong founding team, Homeville aims to broaden the entire housing finance market.”
Varanium Capital Partner Aparajit Bhandarkar said, “Housing is a priority for government and regulators across the world. 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.”
Homeville is founded by IIM alumni – Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya.
