In a bold move to disrupt the traditional home financing sector, Easy Home Finance, a leading lending tech startup, has raised a whopping $35 million in its Series B funding round. The round was co-led by Claypond Capital, the investment office of Manipal Group’s Ranjan Pai, and Sumitomo Mitsui’s Asia Rising Fund, with support from existing investors including Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India.
The fresh funds are set to accelerate Easy’s growth plans, including expanding its assets under management (AUM) to $300 million and increasing its network to over 150 locations across India in the next two years. Here’s a closer look at how this funding will fuel Easy’s mission to make homeownership more accessible and affordable for all Indians.
Easy Home Finance: A Game Changer in Mortgage Lending
Founded in 2017 by Rohit Chokhani, Easy Home Finance is on a mission to simplify home loans and make them more accessible through technology. The company offers paperless mortgage-backed loans, making the home loan process faster, easier, and more affordable compared to traditional methods.
While the Indian home loan market has traditionally been bogged down by paperwork, long approval processes, and high interest rates, Easy is leveraging technology to bring in a new wave of digital, efficient, and customer-centric home financing solutions.
What Does This Fundraise Mean for Easy Home Finance?
The $35 million raised in this funding round will be used by Easy to significantly boost its assets under management (AUM), reaching a target of $300 million in just two years. The company also plans to expand its reach to over 150 locations across India, aiming to tap into underserved markets and bring home loans to more people across the country.
This funding round also comes with a strategic partnership. SMFG India Home Finance, the Indian mortgage arm of Sumitomo Mitsui, will collaborate with Easy to bring affordable and innovative home loan solutions to India. Together, they aim to address the growing demand for affordable housing while supporting sustainable growth in India’s housing market.
Key Investors and Support for Easy’s Growth
Prominent investors such as Claypond Capital and Sumitomo Mitsui bring credibility and expertise to the table, signaling strong faith in Easy’s potential to lead the digital transformation of India’s home loan sector. Shyam Powar, Chief Investment Officer at Claypond Capital, shared his excitement about partnering with Easy’s founder Rohit Chokhani, saying, “We are excited to join forces with Easy to digitize the mortgage industry and help more individuals achieve their dream of homeownership.”
Easy’s Digital-First Approach to Home Loans
One of the key aspects of Easy’s offering is its paperless home loan process, which removes the hassle of mountains of paperwork and tedious in-person meetings with banks. Easy’s digital platform allows customers to apply for loans online, track their application progress in real-time, and get approved faster than ever before.
This digital-first approach is designed to not only streamline the application process but also reduce costs for customers, making home loans more affordable for lower- and middle-income buyers. The company is also making a significant effort to reach underbanked communities, where access to traditional financing has been limited.
What’s Next for Easy Home Finance?
Easy Home Finance’s growth trajectory looks promising, and this recent fundraise is set to take the company to new heights. As the Indian housing market continues to grow, the demand for mortgage-backed loans is expected to rise, particularly with the government’s continued focus on affordable housing initiatives. Easy is in a prime position to take advantage of this demand, especially with its tech-driven approach that appeals to today’s digital-first consumers.
Expansion Plans and Strategic Partnerships
With the $35 million funding, Easy plans to expand its operations and deepen its presence in key markets across India. The company’s ambition to reach 150 locations within two years highlights its aggressive growth plans.
Additionally, the collaboration with SMFG India Home Finance will enhance Easy’s capabilities in offering even more affordable and innovative loan products to Indian homebuyers. This partnership will help Easy scale its operations while tapping into Sumitomo Mitsui’s vast experience in mortgage financing.
Focus on Digital Transformation
The most exciting aspect of Easy Home Finance’s growth story is its focus on digital transformation. By using technology to offer more efficient, paperless solutions, Easy is aiming to lower the barriers to homeownership for millions of Indians. With over $100 million raised to date, including the current funding round, Easy is on its way to becoming one of India’s leading digital home finance companies.
How Does Easy Home Finance Stand Out?
In a crowded market of home loan providers, Easy Home Finance’s tech-driven approach sets it apart. By leveraging advanced technology, Easy provides a seamless and hassle-free experience for homebuyers, from application to approval. This is especially appealing to the growing number of young, tech-savvy homebuyers who are looking for more convenient ways to finance their homes.
Affordable, Accessible, and Efficient
By making home loans more affordable and accessible, Easy is helping a wide range of individuals, especially in underserved areas, fulfill their dream of owning a home. The company’s focus on lowering interest rates, removing paperwork, and digitizing the application process makes it easier for buyers to navigate the complex and often intimidating process of obtaining a home loan.
Conclusion: A Bright Future for Easy Home Finance
With $35 million in fresh capital and a clear strategy for growth, Easy Home Finance is well-positioned to lead India’s mortgage revolution. The company’s innovative approach, combined with strategic partnerships and a commitment to digital transformation, will likely pave the way for greater financial inclusion in India’s housing market.
The $300 million target for assets under management (AUM) within the next 24 months shows that Easy is serious about scaling up and making homeownership a reality for many more Indians in the years to come.
