Home loan: Homeville, a financial technology company in housing finance, raises $ 7 million
The company operates three platforms as part of its home loan activation network. The HomeCapital platform pioneered the down payment assistance program in India and is a market leader with $ 250 million in home sales facilitated through the platform.
“We launched India’s first down payment assistance program to speed up housing for first-time buyers. With our digital mortgage product and co-lending platform for affordable real estate finance, we are strengthening our commitment to homebuyers and the Indian housing finance ecosystem, ”said Madhusudan. Sharma, co-founder, Homeville.
Homeville is building a home loan activation network using its technological platforms. The platforms serve the demand for home consumer credit and build the credit rails for institutional capital to flow seamlessly to retail housing related credit assets. The company has been a pioneer with its technology solutions for home buyers.
“Homeville’s various platforms respond to the challenges facing Generation Y homebuyers and the real estate market. The company aims to help accelerate the $ 100 billion housing industry, which is expected to reach around $ 500 billion by 2025. This company aims to help people buy their first homes, ease the flow of credit towards affordable housing and to share the lending infrastructure among housing finance companies. Said Jaxay Shah, Managing Director of Savvy Group, Investor JITO Angel Network and Former National President, CREDAI.
Homeville is leading efforts to create open banking products on the mortgage side of the financial services industry. The company’s technological architecture is based on open banking principles and designs. It creates significant operational leverage with an internal technology stack powering its platforms.
“The company is building the missing credit network and fintech rails in India’s huge housing ecosystem. This will speed up the housing mission for all missions and create massive social impact. We support a strong team with extraordinary leadership and execution track record, ”said Apoorva Ranjan Sharma, Founder of 9Licorns and Venture Catalysts.
Bharat Housing Network, the company’s second platform, is building the co-lending infrastructure in affordable housing finance to provide credit at the local level.
“Housing is a priority for governments and regulators around the world. The long-term and secure nature of housing finance assets creates a great opportunity for new age tech companies to create interesting fintech models. Homeville is uniquely positioned to be a market leader in digital real estate finance management technologies, ”said Aparajit Bhandarkar, Partner, Varanium Capital.
The third platform, HomeNxt (B2C), currently in beta, is a digital mortgage platform that uses technology for underwriting and delivering mortgages by leveraging the Indian technology stack. The company is building the entire software stack for the digital mortgage journey.
Homeville is founded by IIM alumni – Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya. Current funding will be used to further strengthen its technology infrastructure and evolve mortgage platforms serving millennial homebuyers as well as affordable homebuyers.