Ambak bags $7M in seed and pre-series A funding led by Peak XV Partners

Ambak, a fintech platform specialising in home loan solutions, has raised $7 million to expand its footprint and refine its technology offerings.

The round included Seed and Pre-Series A investments, led by Peak XV Partners, alongside contributions from Advantedge VC, DeVC, and angel investors.

Founded in January 2024 by a team of seasoned executives from Policybazaar, Paisabazaar, Freecharge, and CarDekho, Ambak seeks to address inefficiencies in a sector often criticised for its complexity and opacity.

"We felt that the distribution of the secured retail lending space, in which home loans is the largest component, was riddled with lack of innovation despite lenders having made monumental upgrades in the last 5 years" said Rameshwar Gupta, CTO of Ambak who previously served as the CTO of Freecharge (By Axis Bank).

In its first year, the company has already served over 15,000 customers, partnered with 50+ lenders, and forged an agreement with the Delhi Development Authority to serve an additional 35,000 clients. The newly secured funding will fuel Ambak’s ambitious plans to expand to 35 cities, target $1 billion in loan disbursements by FY26, and serve 100,000 customers annually.

"For a majority of Indians, buying a home is the biggest financial decision they will ever make, but access and affordability continue to be a significant hurdle. Despite 160+ lenders serving all types of customers & properties, customers find it hard to find the right lender and handle the process. Ambak’s mission is to distribute $20 billion in home finance annually in the next five years, while leading the charge to provide transparency and predictability to the home-buying experience," said Raghuveer Malik, CEO of Ambak.

“Mortgages represent the largest market for credit in India. The founding team at Ambak come with strong relevant experience and we are impressed with their early execution. We believe they can leverage technology effectively to solve for various needs of borrowers, intermediaries and banks in the mortgage market." Ashish Agrawal, Managing Director, Peak XV said.