HomeCapital funding: raises funds from Varanium NexGen Fund
The Mumbai based fintech HomeCapital raises an undisclosed amount from Varanium NexGen Fundin its latest funding round. The company is planning to use its funds for the expansion of its operations and strengthening its IT infrastructure.
Founders of HomeCapital says “With this capital commitment, we continue to build a strong business foundation in the housing sector to support aspiring homebuyers”.
The company was founded in 2017 by Madhusudan Sharma and Prasad Ajinkya with an aim to fulfill the dream of millions to buy their home by eliminating the financial obstacles especially the down payment. The process is fully digitalized with interest-free down payment assistance. The company has tie-ups with multiple lending institutions including leading home loan companies. The company claims to facilitate $125 million of housing sales to date through its flagship program. The company is operational in 8 cities including Mumbai, Bangalore, Chennai, Pune Kolkata amongst others.
Founder & CEO of StartupLanes Shishir Gupta says, Buying a home is almost everyone’s dream in India. However not everyone can afford it. So here we need someone who can help us to buy the house with ease. HomeCapital idea of solving down payment problems without interest makes it easy for us to buy our dream home affordably. Congratulations to the team.
According to DIPP, the real estate market is expected to grow to Rs 65,000 crore by 2024 from Rs 12,000 crore in 2019. in India, the Real estate sector is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and therefore contributing 13% GDP to the country by 2025.