Venture Catalysts facilitated investment into a fintech startup HomeCapital. The funding was led by VCats angel investors Anuj Golecha, Gaurav Gandhi, Ram Joukani, Gaurav Singhvi, Vishal Jhunjhunwaala, Anudeep Jhunjhunwaala, Brijesh Thakkar, Revathi Roy, Jagidsh Gothi, Dipan Dalal, & others. The amount remains undisclosed however, since Venture Catalysts typically invest in ticket sizes varying between $100,000 and $500, 000 in very early-stage startups.
The newly raised capital will be deployed to scale up current infrastructure and enhance the product. Besides, the fund will be utilised to develop HomeCapital as a brand and for the strategic tie-ups with financial partners to emerge as every home buyer’s preferred destination for meeting their down payment needs.
Founded by IIM Calcutta alumnus, Lalit Menghani, HomeCapital creates home-ownership opportunities for first-time homebuyers through down payment assistance to accelerate their home buying at 0% interest rate through innovative financial structuring.
Commenting on the investment, Lalit Menghani, Founder – HomeCapital, said, “The biggest challenge that first time home buyers face in the Indian housing market is the lack of savings for home down payment. A sizeable amount of savings is required while buying a home and an average salaried person does not always have such significant amount of savings. We wanted to solve this massive problem by providing users with interest free down payment assistance to meet home down payment requirements.”
The market space is uncontested and the founders have a rich experience in finance and real estate domain working for organisations such as Milestone Capital, Elara Capital, Standard Chartered and Crisil. HomeCapital currently has a huge market opportunity, catering to 75% of the supply in residential real estate across Delhi-NCR, MMR, Bangalore, Pune, and Chennai.
Furthermore, it has started entering into deliberations and partnership talks with leading financial institutions and housing finance companies that will give Home Capital a pan-Indian presence quickly.