StayAbode Co-founder joins Founding Team of BASIC Home Loan to build Business Vertical Aimed at Builders

Devashish Dalmiya to Spearhead BASIC’s Strategic Tie-ups & Alliances

New Delhi, July 15, 2021: BASIC Home Loan (Basic Enterprises Pvt. Ltd.), a Gurgaon-headquartered company working to improve the access of housing finance for India’s low and middle income people, is pleased to announce that StayAbode Co-founder, Devashish Dalmiya will be joining their founding team to build new business opportunities and lead their new vertical aimed at the builder community.

The new business vertical will be leveraging on Devashish’s rich experience of the real estate industry, to solve the pain point of the builder community to provide quick and convenient access to home finance for their customers.

The Picus Capital-backed BASIC Home Loan will be extending its existing technology platform, as a white label service to the builder community, which will enable them to do faster eligibility checks and quick financing for their customers. This service will ensure they have access to BASIC Home Loan’s 20+ partner banks and agent network for end-to-end fulfillment.

Under this new vertical, BASIC Home Loan will also help builders in getting pre-approval from banks for their new projects. Apart from building the new vertical, Devashish will be spearheading BASIC Home Loan’s strategic tie-ups and alliances.

“We are excited to welcome Devashish to the founding team. Devashish comes with rich experience in both housing and the financial services industry. His entrepreneurial journey and experience will be a huge asset for us to improve on our consumer outreach and partnership capabilities,” said Atul Monga, Co-founder & CEO of BASIC Home Loan.

“What BASIC Home Loan is trying to achieve through their Phygital interventions, has the potential to impact millions of people in their journey to buy a house of their own. Having worked in the housing industry, I understand the customer pain points, and process improvements the industry requires. I am looking forward to working with the BASIC team to bring the change they seek to make ‘Housing for All’ a reality in India,” said Devashish on his joining.

As of June 2021, BASIC Home Loan has processed over Rs 800 cr of applications, sanctioned Rs 450+ cr of loans, and disbursed Rs 300+ cr of loans. BASIC Home Loan is aiming to scale its operations to 50 cities and disburse Rs 1500+ cr of home loans in FY22.

In his last role, Devashish was working with Co-living provider StayAbode, a venture he co-founded. He led the financial control, customer experience and community initiatives at Stay Abode.

Corporate Comm India (CCI Newswire)