Everstage secures $30 million Series-B funding, plans to boost R&D and AI integration
In an interview with CNBC-TV18, Co-founder and CEO Siva Rajamani shared the company’s ambitious plans for the newly raised funds. “We intend to double down on our R&D efforts,” he said, emphasising Everstage’s commitment to innovation. “With this fundraise, we also plan to integrate AI into our existing system to enhance operations and finance teams’ workflows for our customers, automating a wide array of processes.”
The company has seen a fourfold increase in revenue over the past year and expects to grow by nearly 3x this year. Rajamani attributes much of this success to Everstage’s strong foothold in North America, where over 80% of its revenue originates. The platform is trusted by several large customers, including Fortune 1000 companies, Rajamani added.
In a separate development, Fintech startup BASIC Home Loan, a platform that automates home loans for middle and low-income households across India, has successfully raised $10.6 million in a Series B funding round.
The round was led by Bertelsmann India Investments, with significant additional backing from Ashish Kacholia, who increased his stake in the company. Existing investors Gruhas, Let’s Venture, 9Unicorns, and Venture Catalysts also participated in the round.
Atul Monga, Co-Founder and CEO of BASIC Home Loan, shared the company’s growth strategy post-funding stating, “Today we are present in 30 cities, operating through a hub-and-spoke model.
We aim to reach different parts of the country, so a part of the fund will be used to expand our distribution network,” said Monga. With 15,000 agents and 400 in-house employees, BASIC Home Loan has been processing ₹
5,000 to 6,000 crore in home loan applications monthly.
The funds will be channelled towards growing the startup’s agent network and expanding to additional cities, particularly in tier II and tier III locations.
A significant challenge for BASIC Home Loan has been the unavailability of tailored loan products for customers who are considered part of the informal economy. “Many customers in the market don’t have the right product fit. These customers are not bad but may fall in the cash-income segment or have properties that are not properly verified,” Monga explained.
To address this gap, BASIC Home Loan is working with lenders to create new products and taking on balance sheet risk to cater to these underserved segments. A portion of the funding will also support the development of these products, enabling the company to better serve those customers who, despite irregular income streams, are capable of owning a home.
BASIC Home Loan focuses on affordable housing, typically catering to customers purchasing homes in the ₹30-40 lakh range. The company’s customer base largely comprises individuals from tier II and tier III cities, many of whom are working in blue-collar jobs.
“Our typical customer is urban poor or rural rich. While 70% of our customers are salaried, many earn their income in cash, which makes them part of the informal economy,” explained Monga. Since its inception, BASIC Home Loan has disbursed over $1.3 billion in mortgages.
Additionally, Harika Aneja, Co-Founder of Beauté Secrets, discussed the company’s future direction following its recent fundraise. The Gurgaon-based beauty tools brand has secured ₹1.6 crore from Velocity, a financing platform supported by Peter Thiel’s Valar Ventures. This investment will enable Beauté Secrets to broaden its presence on quick commerce platforms and introduce new products to its portfolio, paving the way for significant growth and innovation.
Watch accompanying video for more.
