Easy Home Finance, a Mumbai-based mortgage-tech startup, has secured an undisclosed amount from Harbourfront Capital.
According to the sources, Harbourfront Capital have plans to foray into financial services through the partnership.
The startup will use the infuse money to expand its asset under management by 10 times. It also will start a PaaS (Platform as a Service) in FY2020.
“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,” Praveen Agrawal, CEO of Easy, said.
Agrawal further said that the platform will expand to other Asian countries in the near future.
Easy Home Finance was founded by Rohit Chokhani, Praveen Agrawal, Prerak Mehtra, and Rohan Shah. The platform provides paperless service using Artificial Intelligence (AI)- enabled technology, which was developed to assess and manage home loans.
Whereas, Harbourfront 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.
“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,” Rohit Chokhani, founder and managing director at Easy Home Finance, said.
Adding on, the Easy Home Finance focused on providing home loans to maiden buyers and women as co-owners in Tier-II and Tier- III cities in India.
Shinji Kimura, Founder of Harbourfront, said,”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.”
Some of the significant alike startups in the domain includes Lending Kart, KredX, Neo Growth, FairCent, InstaKash, LoanXpress, and many more.