Easiloan, an AI-enabled fintech platform for home loans, raises INR 80 million from Tomorrow Capital
MUMBAI, India, Sept. 15, 2021 /PRNewswire/ -- Easiloan.com, India's first AI-enabled fintech solution for home loans has raised its maiden round of INR 80 million from Tomorrow Capital. This comes on the back of Easiloan demonstrating strong traction in what are still early days for the business. The start-up aims to utilize these funds for building further on their digital-only product, customer acquisition channels and activating new markets.
Operating in stealth mode for almost 3 months before its launch in July 2021, Easiloan offers an all-digital front-end to banks from sourcing to onboarding to completing credit appraisals for the home loan application. The Easiloan platform makes selection and application for loans extremely easy and fast for customers, reduces the time taken to process the home loan application and increases conversion for developers and banks. The start-up has serviced over 750 successful loan sanctions and is working with the top 15 banks and housing finance companies in the market, like HDFC Ltd, ICICI Bank, LIC, Axis Bank, SBI, PNB HF, to name a few.
Pramod Kathuria, Co-founder and CEO, Easiloan said, "Innovation in lending technology has sparkd a wave of disruption. With the pandemic accelerating this trend, several start-ups emerging in digital lending are gaining ground around the globe. While Fintech in India has disrupted every other loan product, home loan continues to remain unchanged. For the borrower, large parts of the process are a black box and for the developers any delay in disbursement is a direct hit on their balance sheet. Easiloan is solving this through its proprietary tech IP and a digital-only process. Not only are we managing the home loan process end to end, our tech is ensuring that key stakeholders such as the lender, developer and borrower interact through our platform thus ensuring an efficient process. With support from Tomorrow Capital, our focus will be to scale up into new markets and customer acquisition channels, and further improve our product experience."
Pramod has rich experience in the housing finance and real estate sector in leadership roles with players like ICICI Bank, Lodha, L&T and GMR. He has been instrumental in setting up teams, building momentum and scaling up businesses in his earlier roles. Vishal Dawda, the Co-founder and CBO at Easiloan, comes from a corporate finance and fundraising background with stints at Lodha Group and Trustcap, and has been part of the setting up of a housing finance company in the past.
"The untapped opportunity in digital lending was never in doubt, but the Easiloan founders have picked the tougher problem of home loans to address. We are excited to see how quickly they have moved from an idea stage to product and execution in a matter of just months. Their current traction validates our thesis around the gaps that exist in the home loan process. While the founders are focused on going deeper into home loans and solving this through tech, they are also aware of the potential value that lies in acquiring and servicing the customers for a home loan and then nurturing them for all their lending needs for a lifetime. This unique vision coupled with the founders' understanding of home finance and the real estate industry convinced us to partner with Easiloan," said Rohini Prakash, CEO, Tomorrow Capital adding that the fund has set aside a corpus of INR 100 crore as a fresh round of investments in new age start-ups, over the next 12 months.
About Tomorrow Capital
Tomorrow Capital is a $100 million operating investment fund investing in multiple sectors in the consumer space. Tomorrow Capital focuses on empowering stellar early-stage entrepreneurs with strong and differentiated models to build transformative and sustainable businesses around consumption themes of the future. With a deep understanding of business fundamentals and backed by `patient capital', Tomorrow Capital aims to create iconic consumer brands out of its investee companies in India.
Easiloan is India's 1st digital home loan marketplace. This is an end-to-end digital platform for real estate developers, brokers, home buyers and lenders, bringing the demand and supply together. Easiloan works as the front-end to Banks with a re-imagined approach for sourcing and processing of home loans.
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