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Mortgage distribution startup BASIC Home Loan raised $10.6 million in a Series B funding round led by Bertelsmann India Investments (BII) and UAE based CE-Ventures, the venture capital platform of Crescent Enterprises.

The round also included existing investors Ashish Kacholia, Gruhas, Let’s Venture, 9 Unicorns, and Venture Catalysts.

In a statement, BASIC said the funding will support its plans to expand its market presence, develop its lending portfolio, and strengthen its tech capabilities, thereby serving more low and middle-income households in Tier II and III cities.

Since its inception in 2020, the startup claims to have processed over $12 billion in loan applications, disbursing $1.1 billion in home loans through its network of lenders.

“With its superior tech stack, it (BASIC) has created a simple, unique, and transparent solution in the industry and has become one of the leading channel partners for lenders in less than 3 years. We see strong tailwinds in the sector due to favourable government policies, rising nuclearisation and improving affordability. We’re proud to join Atul and Kalyan in this journey,” Rohit Sood, Partner at Bertelsmann India Investments, said in a statement.

Founded by Atul Monga and Kalyan Josyula, BASIC said its 15,000+ agent network spans 650 districts, with hubs in 10 cities. It claims the company has grown its revenue tenfold over the past two years.

“BASIC Home Loan’s innovative approach simplifies home loans for Tier II and III cities. Their ability to blend technology with on-the-ground expertise is impressive, and we are excited to be part of their journey towards transforming the housing finance ecosystem in India,” Sudarshan Pareek, Vice President at CE Ventures, said.