Claypond Capital, the family investment office of Manipal Hospitals head Ranjan Pai, has backed Easy Home Finance Ltd. in a $35 million funding round that also saw Sumitomo Mitsui Banking Corporation Asia Rising Fund invest in the mortgage-tech startup.
Easy said it would use the funding to achieve $250 million in assets under management over the next 24 months. The company also plans to expand its network to more than 150 locations across the country.
‘In-house prop-tech’
“A consumer must jump multiple hoops to get a home loan… We have developed an in-house prop-tech (and) combined with credit-tech, we are able to deliver seamless consumer experience within minutes and not days. We’ve seen multiple clients from origination to moving-in the property on the same day,” Rohit Chokhani, managing director of Easy Home Finance, said in a statement.
The funding also saw participation from existing investors such as Xponentia Capital, Finsight Ventures, Harbourfront Capital and Pegasus India Evolving Opportunities Fund.
Founded in 2018, Easy is a housing finance company providing digital-first home loans to the middle-income group consumers in India. With the new funding, the company has so far raised over $100 million in equity and debt.
The Mumbai-based startup last raised $15 million in its Series A round in 2021. The company claims to currently be present in more than 100 cities, with over ₹500 crore in loan disbursals.
“Easy’s commitment to transforming the affordable housing finance sector by putting technology at the forefront, is enabling real-time credit appraisals, seamless digital property validations, and a smooth loan disbursal process, making home financing accessible for everyone… We are excited to join forces with Rohit and the Easy team in this mission to digitize the mortgage industry, ensuring that more individuals can realize their dream of homeownership,” said Shyam Powar, chief investment officer of Claypond Capital.
The Rainmaker Group acted as the sole advisor to the company in the funding round.
