BASIC Home Loan, a Gurgaon-based Series-A funded fintech startup, said it has reached an annualised disbursement rate of Rs 10,000 crore and enabled gross disbursement of home loans worth Rs 900 crore as of March 2023.
With new buyers entering the market and a demand for home loans rising, this is a 500 per cent annual growth in loan disbursements from 2022. The company has also hit Ebitda-level profitability with an ARR of Rs 125 crore in March this year.
Having partnered with over 60 banks, HFCs and NBFCs, the company has cumulatively processed home loan applications worth $3.5 billion in 2023, an increase of 600 per cent in the number of loan applications in 2022.
Atul Monga, founder of BASIC Home Loan, said, “When we embarked on this journey 2.5 years ago, we realised that there is an fulfilment of loan requirements in tier 2 and 3 locations. Given that a sizable chunk of the Indian population belongs to mid and low-level income households, our aim was to create a social impact and meet their housing needs.”
He added that the company has always stayed unit economics positive in its journey. “But, rather than just scaling the business without caring profitability, we want to follow a balanced approach to create something that is sustainable. I thank my teammates for an exciting journey so far and wish more success ahead for all of us.”
BASIC said that with the demand in home loans picking up after the pandemic slowdown, it was able to serve the credit needs of over 20,000 families in 2022. This number has steadily grown as economic activities resumed and currently, they serve the credit needs of 1,00,000 families across India.
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