Mortgage-tech startup Easy has raised funds worth $15 million in a Series A financial round, led by Xponentia Capital. The fundraiser also saw participation from many other venture capital funds, including Finsight VC, Navida Capital AB, RaSa Future Fund, Integra Software, and Wasserman Eriksson, as well as existing investor Harbourfront Capital.
This is the second fundraiser for the nearly three-year old firm, which had previously raised an undisclosed sum from Harbourfront back in August 2019, and takes it one step closer to its aim of raising $150 million worth of assets under management, over the next two years, while also spreading out its network to over 100 points across India.
Easy Home Finance Limited was founded in 2018 by investor entrepreneur Rohit Chokhani, and is involved in providing mortgages on mobile to underserved customers. It makes use of a phygital (physical-cum-digital) model, to allow for instant decisioning on home loans. The loans are fully ensured against vulnerabilities like the current pandemic, and the startup has dealings in measuring the Environmental Social and Governance (ESG) Impact.
The company aims to move towards a more digitalized mortgage market, by making it easier to apply for home loans through lenders, and cutting back on the tons of paperwork and physical visits required for the same. Mortage-tech, Easy says, is still in its nascent stages on the country, and the firm is actively trying to leverage the same to its advantage.
Home loans starting from ₹5 lakhs are available for ready-built or under construction residential units, and also for purchase of residential plots. The tenure period is sufficiently long at 20 years, allowing for affordable EMIs. Documentation required is minimal, and approval is super quick, with doorstep services applicable.
Rohit Chokhani takes it upon himself to explain just what it is that Easy delves into, as he says, “A consumer has to jump multiple hoops to get a home loan. In order to offer mortgage on mobile solution, we must first understand the income, assets, credit & property. The Traditional way would be filling out multiple forms and answering questions to figure out these variables, but we use data to understand our customer better. We have developed an in-house property intelligence tech combined with credit tech we are able to deliver seamless consumer experience within minutes and not days. We have seen our fastest client from origination to moving-in the property in 2 days”.
PR Srinivasan, Managing Partner at Xponentia Capital Partners LLP, expressed excitement over the deal, saying, “Mortgage is the most important financing decision for any family. Customers of Easy can focus on things that matter and not worry about drudgery and paperwork. Buying a house is what it should be – a delightful experience. We are excited to partner with Rohit and the entire team in their journey to digitize the mortgage industry.”
