Homeville, a financial technology company in the housing finance space, has raised $7 million funding with participation from 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, BlackSoil and Earlsfield Capital, among other investors.
Founded by IIM alumni Lalit Menghani, Madhusudan Sharma and Prasad Ajinkya, the startup offers technology-enabled solutions for home buyers.
The technology architecture is based on open banking principles and designs.
Homeville’s three platforms include HomeCapital for down payment assistance — it has facilitated $250 million worth of housing sales; Bharat Housing Network for co-lending infrastructure in affordable housing finance; and HomeNxt, a business-to-consumer platform, currently in beta stage, which uses technology for mortgage underwriting and delivery.
The company is building the software stack for the digital mortgage platform.
Co-founder Sharma said, “We pioneered India’s first down payment assistance programme 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.”
Apoorva Ranjan Sharma, Founder, 9Unicorns and Venture Catalysts, added, “The company is building the missing credit network and fintech rails in the massive Indian housing ecosystem. This will accelerate the housing-for-all mission and create a massive social impact.”
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Jaxay Shah, MD of Savvy group, investor in JITO Angel Network and former national president of CREDAI added, “Homeville’s 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. With their disruptive technology and the strong founding team, Homeville aims to broaden the entire housing finance market.”
“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,” Aparajit Bhandarkar, Partner, Varanium Capital, added.