Bharat Housing Network has successfully closed its Series A funding round, securing an impressive ₹125 crore. The round was spearheaded by Nabventures, a prominent venture capital fund, showcasing the platform’s potential to transform the housing finance landscape.
This milestone event also witnessed enthusiastic participation from various key investors, including Varanium NexGen Fund, 9Unicorns, Riverwalk Holdings, SMK Ventures, DMI Sparkle Fund, LC Nueva, and other strategic backers.
Bharat Housing Network, a leading co-lending platform, is now poised for accelerated growth as it sets its sights on expanding its technological infrastructure. With the freshly acquired capital, the platform is gearing up to significantly increase its gross disbursements in the affordable housing segment, targeting an ambitious goal of $500 million within the next three years.
Founder Lalit Meghnani emphasized the pivotal role housing finance plays in India’s journey towards becoming a developed economy. He expressed his commitment to innovation, stating, “India needs a very strong housing sector to become a developed economy. Housing finance is at the core of our business model, and we continue to innovate to make housing credit more accessible and affordable across income groups.”
Bharat Housing Network functions as a dynamic financial platform, providing easier access to credit within the affordable mortgages sector. The platform offers capital, cutting-edge technology, and robust infrastructure support to housing finance companies and non-banking finance entities, with a special focus on delivering housing credit solutions at the grassroots level. Notably, the platform operates on a hybrid capital model, extending credit both on and off the balance sheet.
Since its inception in 2021, Bharat Housing Network has successfully onboarded 23 financial institutions. Leveraging its expansive network spanning 200 locations across 12 states, the platform has become a vital player in providing much-needed capital to the affordable housing sector.
The primary investor in this Series A funding round, Nabventures, is a distinguished venture capital fund specializing in agri-food-rural tech, including rural fintech. Nabventures enjoys backing from esteemed institutions such as the National Bank for Agriculture and Rural Development (Nabard), SIDBI, Axis Bank, LIC, and others. This investment marks the seventh announcement by Nabventures Fund in the first ten months of 2023, underlining its commitment to supporting innovation and growth in promising sectors.
Besides backing innovative startups, Nabventures also serves as a limited partner in a fund managed by VC firm Omnivore Capital. This particular fund focuses on providing early-stage capital to companies operating in sectors vital to India’s growth, including agriculture, financial services, food and beverage, and more. The investment in Bharat Housing Network aligns with India’s broader goals of addressing housing challenges and fostering economic development in these critical domains.
