Homeville Consulting, which operates affordable housing co-lending platform Bharat Housing Network, has raised Rs 125 crore in its Series A funding round led by Nabventures. 

As per the startup, it will use the freshly raised capital to grow its technology platform as it plans to increase its gross disbursements in the segment to $500 million in the next 3 years.

Several investors, including Varanium NexGen Fund, SMK Ventures, DMI Sparkle Fund, 9Unicorns, Riverwalk Holdings, LC Nueva, and others, participated in the funding round.

Bharat Housing Network

Founded by Lalit Menghani, Madhusudan Sharma, and Prasad Ajinkya, Bharat Housing Network provides capital and technology infrastructure to affordable housing finance companies for housing credit delivery at the grassroots level, enabling them to expand their reach and scale business.

As per the startup, it delivers capital by leveraging its network in 200 locations across 12 states.

Speaking on the development, Lalit Meghnani, Founder of Bharat Housing Network, highlighted the need for a robust housing sector for India to become a developed economy. 

Meghnani added,

“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.” 

Hybrid Capital Model

Operating on a hybrid capital model, offering credit on as well as off the balance sheet, the startup claims to have, so far, onboarded 23 financial institutions. This funding marks the seventh investment announced by Nabventures Fund in the first ten months of 2023. Nabventures plans to complete the year by investing in 9 companies.

Earlier this month, Chennai-based affordable housing finance firm Aham Housing Finance secured Rs 30 crore in a new round from Negen Capital to strengthen its field network and automate its operations across the organization. In October, home finance lending fintech Vridhi Home Finance raised Rs 150 crore in Series A funding, which it plans to use for expanding its branches by adding 25-30 more in the next 12-18 months.

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