Mumbai-based Easy Finance, which operates an online platform for home loans, has raised an undisclosed sum in funding from Japan-based Harbourfront Capital.
The startup will use the funds to expand its assets under management (AUM) base ten-fold besides augmenting its technology infrastructure, an official statement said.
The funds will also go towards the launch of a PaaS (platform as a service) platform, which hopes to address the demand-supply gap for home finance.
Harbourfront Capital is an associate company of Japanese venture capital firm Das Capital, which was founded by Shinji Kamura. Das Capital has previously funded Indian fintech companies including Slicepay, Instamojo and Pokkt.
Easy Home Finance
Easy Home Finance was launched in 2017 by Rohit Chokhani, Praveen Agrawal, Prerak Mehta and Rohan Shah, professionals with expertise in the banking, financial services and insurance industry.
The two-year-old startup, which has also been registered as a housing finance company under the National Housing Bank Act provides an online platform that offers multiple products for home finance needs.
The company offers home loans, home construction and extension, home improvement loans and loan against mortgage.
Easy Home Finance claims to have developed its proprietary technology based on artificial intelligence that includes onboarding, assessing and management of home loans.
Recent deals in fintech space:
- July 2019: Gurugram-based online SME (small and medium enterprises) lender Indigo raised $21.05 million (Rs 145 crore) in a fresh round of funding from existing investors.
- July 2019: Mumbai-based business-to-business (B2B) payments company PayMate raised an undisclosed amount of Series D funding from Visa, Recruit Strategic Partners and Brand Capital.
- July 2019: Flipkart co-founder Sachin Bansal made debt investments in digital lending startup Kissht ($7.2 million) and microlender Chaitanya India Fin Credit ($3.6 million).
- July 2019: Palo Alto- and Mumbai-based financial technology solutions provider Drip Capital raised $25 million (Rs 172.4 crore when reported ) in Series B round of funding, led by Accel Partners.