Home finance company Easy on Wednesday said it has raised $35 million in its Series B funding round led by Claypond Capital and Sumitomo Mitsui Banking Corporation’s (SMBC) Asia Rising Fund. Existing investors Xponentia Capital, Finsight Ventures, Harbourfront Capital, and Pegasus India Evolving Opportunities Fund also participated in the round. The latest round brings the total capital infusion into the company to over $100 million in equity and debt financing.
A digital-first mortgage company Easy focuses on providing home loans to India’s middle-income consumers and with the fresh capital it is looking to expand its assets under management (AUM) to $300 million within the next 24 months.
The company, supported by a consortium of over 20 banks and financial institutions, said it is also planning to grow its network to over 150 locations across India.
Speaking on the latest round, Rohit Chokhani, MD, Easy Home Finance said the 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.”
The Indian mortgage market, despite its vast potential, remains significantly underpenetrated, with home loans representing only 11 per cent of the GDP, the company said. 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. This change empowers underserved communities by simplifying access to home credit, enhancing the overall borrowing experience,” said Shyam Powar, CIO, Claypond Capital.