Despite the uncertainty revolving over the future of housing industry due to the COVID-19 pandemic, HomeCapital, a fintech startup based in Mumbai, has raised funds from investors including Varanium NexGen Fund. HomeCapital, founded in 2017 by Lalit Menghani, has pioneered India’s first Down Payment Assistance(DPA) program, providing interest free down payment assistance to home buyers.
HomeCapital helps home buyers accelerate their journey of home ownership and the down payment assistance is provided by partnering financial institutions. Investment bank and advisory firm Unitus Capital was the financial advisor to the transaction.
According to a statement, HomeCapital plans to use the funds to expand its operations and scale its technological infrastructure. HomeCapital claims to support home buyers in 8 Indian cities and aims to accelerate the housing industry, which is expected to reach approximately $500 billion in the next five years.
