Homeville, a financial technology company in housing finance, has raised $7 million with participation by 9Unicorns, Varanium NexGen Fund, JITO Angel Network, CREDAI Members Network, Blacksoil and Earlsfield Capital along with other investors.
Homeville is building a housing credit enablement network through its technology-driven platforms. The platforms serve the consumer housing credit demand and build the credit rails for institutional capital to flow seamlessly to retail credit assets linked to housing.
Homeville is founded by IIM alumni – Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya. The founders each have over 15 years of experience in finance, technology and real estate. The current funding will be used to further strengthen its technology infrastructure and scaling the mortgage platforms serving millennial home buyers as well as homebuyers in the affordable segment.
Homeville is leading the efforts to build open banking products on the mortgages side of the financial services industry. The company’s technology architecture is based on open banking principles and designs. It creates significant operating leverage with an in-house technology stack powering its platforms.
The company operates three platforms as part of its housing credit enablement network. The hugely popular HomeCapital platform pioneered down payment assistance program in India and is a market leader with $250 million of housing sales facilitated through the platform.
Bharat Housing Network, the company’s second platform, builds the co-lending infrastructure in affordable housing finance to deliver grassroots-level credit. The third platform, HomeNxt (B2C), currently in the beta stage, is a digital mortgage platform which uses technology for mortgages underwriting and delivery by leveraging India’s technology stack.
The company is building the entire software stack for the digital mortgage journey.
9Unicorns and Venture Catalysts Founder Apoorva Ranjan Sharma said, “The company is building out the missing credit network and fintech rails in the massive Indian housing ecosystem. This will accelerate housing for all mission and create a massive social impact. We are backing a solid team with extraordinary leadership and execution track record.”
Homeville Co-founder Madhusudan Sharma said, “We pioneered India’s first down payment assistance program 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.”
Jaxay Shah,MD of Savvy group, Investor JITO Angel Network and Ex National President, CREDAI said, “Homeville’s various 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.”
