Mumbai-based mortgage-tech startup, Easy Home Finance, on Monday announced that it has raised an undisclosed amount from Shinji Kimura’s Harbourfront Capital.
The company said in an official statement that Harbourtfront Group hopes to enter into financial services through this partnership.
Easy Home Finance will use the capital to expand its asset under management (AUM) by 10 times. It will also launch a platform as a service (PaaS) in FY 2020 and hopes to work with co-lenders as well.
Praveen Agrawal, CEO of Easy said,
“Getting a home loan has always been a challenging experience for millions of people but this will change with our extensive data backed AI-based approach.”
He also added that the platform will expand to other Asian countries in the near future.
Speaking about the investment, Rohit Chokhani, Founder and Managing Director of Easy, said,
“There has been many negative sentiments in the market surrounding NBFCs and HFCs but in the recent budget, the government recognised that financial institutions play an extremely important role in the economy.”
Founded by Rohit Chokhani, Praveen Agrawal, Prerak Mehta, and Rohan Shah, the startup provides paperless service using Artificial Intelligence (AI)-enabled technology, which was developed to assess and manage home loans.
It is registered under National Housing Bank Act and focused on providing home loans to first home buyer and women as co-owners in Tier-II and Tier-III cities in India.
Harboufront Capital, a group company of Das Capital, invests in emerging platforms like sharing economy, direct-to-consumers, peer-to-peer lending, logistics and supply chain in India, Indonesia and Japan.
In November 2018, Harboufront Capital invested $20 million in Bengaluru-based vehicle sharing marketplace Drivezy, along with others.
Shinji Kimura, Founder of Harbourfront, added,
“We believe the startup is in the best position to benefit from the country’s ongoing reform of the real estate finance market, underpinned by the rising demand for properties. We are thrilled to participate in their journey as a strategic partner.”