Easy Home Finance raises $35M in Series B round

Easy Home Finance, the tech-led mortgage startup, raised $35 million in a Series B funding round led by Claypond Capital and Sumitomo Mitsui Banking Corporation’s Asia Rising Fund.

The funding round also saw participation from existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund.

Founded in 2017, Easy Home Finance has raised over $100 million in equity and debt financing, to date.

The technology-led home finance company will use this fresh funding to grow its network to over 150 locations across India. It also aims to expand its assets under management to over $300 million in the next 24 months.

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In 2021, Easy Home Finance raised $15 million as part of its Series A round led by the homegrown private equity firm, Xponentia Capital.

“This funding will propel our efforts to make home financing truly digital, efficient, and accessible. By leveraging advanced data insights, our in-house technology suite not only simplifies the loan process but also accelerates the journey from loan origination to homeownership,” Easy Home Finance MD Rohit Chokhani said.

According to the company, the Indian mortgage market remains significantly underpenetrated, with home loans representing only 11% of the country's GDP. Additionally, traditional mortgage processes are often cumbersome, requiring extensive paperwork and multiple physical visits to bank branches.

“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,” Claypond Capital CIO Shyam Powar said.

Rajeev Kannan, Co-head of Asia Pacific, Managing Executive Officer, Sumitomo Mitsui Banking Corporation (SMBC), said, “Through our local mortgage arm, SMFG India Home Finance Company Limited, SMBC Group looks forward to collaborating with Easy Home Finance to bring continued affordability and innovation to India's housing market and contribute to its sustainable growth.”