Gurgaon-based Startup Basic home loanwhich recently raised $3.5 million in a funding round led by enterprise catalyst (VCats) and Grihas ProptechThe company’s co-founder Atul Monga told ET that it is expected to disburse Rs 1,000 crore every month till March 2023 from the current Rs 200-250 crore.

The company has an aggressive expansion plan for 2022-23 and will currently be present in over 100 cities spanning around 30 cities.

“As the demand for homes is increasing, buyers are also looking for home loans. Since most of the buyers are not end users, they always look for home loans,” said Monga.

Basic Home Loan has around 5,000 agents across 30 cities and is now planning to tie up with builders for home loans.

“We have already made some tie-ups and are in talks with other leading developers. This will help us get more leads as developers will direct customers to us,” Monga said.

70% of the company’s debt falls under the affordable segment and has more than 50 lending partners.

The company’s recent funding round saw participation from other venture capital funds, including Earlsfield Capital and Good Capital, and BASIC’s existing investors Germany-based Pickus Capital. Pico CapitalAn early-stage technology investment firm, had invested $500,000 in a seed round in October 2020.

In its first 12 months, the company had disbursed loans worth Rs 400 crore in over 15 cities.

The company then planned to achieve a monthly loan disbursement run rate of Rs 200 crore and increase the workforce to over 300 by March 2022, which it has managed to do.

We are confident of meeting the new target as well, Monga said.

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