BackBharat Housing Network raises ₹125 cr in Series A round led by Nabventures
The platform plans to grow its technology platform as it plans to increase its gross disbursements in the segment
PremiumAffordable housing co-lending platform Bharat Housing Network on Thursday said it has bagged ₹125 crore in its Series A funding round led by Nabventures.
The round also saw participation from a clutch of investors including Varanium NexGen Fund, 9Unicorns, Riverwalk Holdings, SMK Ventures, DMI Sparkle Fund, LC Nueva and other investors.
Using the capital from the fundraise, the platform plans to grow its technology platform as it plans to increase its gross disbursements in the segment to $500 million in the next 3 years.
“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," said Lalit Meghnani, the founder of the platform.
Bharat Housing Network is a financial platform that allows easier access to credit in the affordable mortgages sector, offering capital, technology and infrastructure to housing finance companies and non-banking finance companies for housing credit delivery at the grassroot level. The platform operates on a hybrid capital model, offering credit on as well as off the balance sheet.
Founded in 2021, it has, so far, onboarded 23 financial institutions and delivers capital by leveraging its network in 200 locations across 12 states.
The lead investor, Nabventures, is a venture capital fund focused on agri-food-rural tech including rural fintech backed by National Bank for Agriculture and Rural Development (Nabard), SIDBI, Axis Bank, LIC and others. This is the seventh investment announced by Nabventures Fund in the first ten months of 2023, and plans to complete the year by investing in 9 companies.
Apart from backing startups, the government-backed VC fund is also a limited partner in a fund launched by VC firm Omnivore Capital’s, which is focused on providing early-stage capital to companies operating in agricultural, financial services, foods and beverages spaces, among others.
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