Bharat Housing Network, a technology platform for co-lending in affordable housing, on Thursday said it has raised Rs 125 crore from investors led by NABVENTURES Fund to grow its business.
Varanium NexGen Fund, 9Unicorns, Riverwalk Holdings, SMK Ventures, DMI Sparkle Fund, LC Nueva also participated in Series A funding round among other investors, the company said in a statement. NABVENTURES is backed by National Bank for Agriculture and Rural Development (NABARD).
Lalit Menghani, founder, said, "India needs a very strong housing sector to become a developed economy. Housing finance is at the core of our business model and we continue to innovate to make housing credit more accessible and affordable across income groups.
Bharat Housing Network is India’s largest co-lending infrastructure for credit delivery in the affordable mortgage-priority sector. The platform provides capital, technology and infrastructure to housing finance companies and non-banking finance companies for housing credit delivery at the grassroot level.
Founded in 2021, Bharat Housing Network has on-boarded 23 financial institutions and leverages partner branch network to deliver capital in 200 locations across 12 states.
Rajesh Ranjan, CEO of NABVENTURES Fund, said, "Our investment in Bharat Housing Network builds on the stellar efforts of PM Awaas Yojana and other government initiatives to encourage low-cost housing and affordable loans for the same."
Bharat Housing Network endeavours to bring down the cost of borrowing for home loan buyers, he added.
"Bharat Housing Network is our seventh investment this year and we intend to invest in at least 9 startups by the year-end," Ranjan said.
Gross disbursements in the priority segment through the platform is targeted to reach USD 500 million in the next 3 years, the statement said.
Bharat Housing Network is a platform owned by Homeville, a technology company building infrastructure and credit platforms for the housing finance industry.
The company will deploy the fresh proceeds to grow the affordable mortgage assets on the balance sheet and strengthen the technology platform.
Homeville was founded by Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya. The founders are IIM Alumni with over 17 years of experience in finance, technology and real estate.
NABVENTURES is a venture growth equity fund with assets under management (AUM) of Rs 598 crore that invests in food, agritech, and rural fintech. The fund has invested Rs 315 crore in 13 startups.
