Easiloan, a digital home loan marketplace in India, has secured INR80m ($1.09m) from Tomorrow Capital in its maiden funding round.
The company plans to use the proceeds to further build its digital-only product. It also plans to expand customer acquisition channels and introduce its services in new markets.
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Notably, Easiloan launched its services in July 2021 after operating in stealth mode for almost three months.
The start-up brings lenders, customers, developers and other stakeholders on a single platform to enable end-to-end digital processing of home loans.
According to the company, Easiloan platform makes selection and application for loans extremely fast and reduces application time.
It has serviced more than 750 successful loan sanctions.
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By GlobalDataCurrently, it works with several banks and housing finance companies including HDFC, ICICI Bank, Axis Bank and SBI among others.
Easiloan co-founder and CEO Pramod Kathuria said: “Innovation in lending technology has sparked 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.”
