Fintech startup Ambak has raised $7 million in funding through a combination of seed and pre-series A rounds led by Peak XV Partners. Advantedge VC, DeVC and some angel investors also participated in the round, the company said yesterday.
Founded by Raghuveer Malik, Rashi Garg and Rameshwar Gupta, the year-old startup connects homebuyers with financiers, including banks and Non-Banking Finance Companies (NBFCs), to allow them a convenient access to home loans. The marketplace claims to have served more than 15,000 customers and partnered with the Delhi Development Authority (DDA) to assist an additional 35,000 homebuyers.
It has integrated with more than 50 lenders, automating the entire credit processes, reducing turnaround time and streamlining loan approvals for customers.
The company said it aims to address the fragmented and cumbersome home loan process in India. Despite favourable government policies such as the Pradhan Mantri Awas Yojana (PMAY), the home loan market remains difficult to navigate, with more than 160 lenders offering varied options that often leave customers confused.
Malik and Garg previously served as business heads at firms such as PolicyBazaar, Cardekho and Zestmoney, while Gupta was Chief Technology Officer (CTO) at Freecharge.
The funds will be deployed to accelerate the startup’s expansion into 35 cities, with a target to serve more than one lakh customers and disburse $1 billion in home loans by FY26. The company is also investing in developing vernacular Artificial Intelligence (AI) bots to enhance customer support and improve its AI/Machine Learning (ML)-powered loan comparison tools.
It is co-creating new financial products with lenders to deepen its reach in the $160 billion home finance market.
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