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Fintech startup Ambak, which simplifies the home loan process, has raised $7 million in a funding round that combines seed and pre-Series A investments, led by Peak XV's Surge.
The funding round also saw participation from Peak XV Partners, which increased its support for the pre-Series A, along with Advantedge VC, DeVC (backed by Z47) and angel investors.
The startup plans to use the funds to expand to 35 cities, aiming to serve over 100,000 customers and exceed $1 billion in loan disbursements by FY26.
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Raghuveer Malik, CEO of Ambak, said, "We're going to be expanding geographically. Now that we've realised what we're doing, we've built our tech around it. We plan to operate in over 35 cities in India. The larger part of the geographical expansion, given our current model, won't be very cost-intensive. The main focus of our fundraise is to remain customer-obsessed."
“Personal loans, credit cards, salary accounts, FDs, mutual funds, insurance have been digitised fairly dramatically over the last 10 years, but nobody has paid attention to home finance as such. Home finance makes up 50% of all retail lending in the country with real estate being a $500 billion industry,” Malik said.
Ashish Agrawal, managing director, Peak XV, said, “Mortgages represent the largest market for credit in India. The founding team at Ambak come with strong relevant experience and we are impressed with their early execution. We believe they can leverage technology effectively to solve for various needs of borrowers, intermediaries and banks in the mortgage market.”
About Ambak
The Gurugram-based Ambak was founded in 2024 by Raghuveer Malik, Rameshwar Gupta and Rashi Garg, it offers a marketplace for home loans and loans against property, guiding customers through the process.
The platform works with over 50 lenders and serves more than 15,000 customers, along with 3,000 intermediaries like builders and brokers. Using data analytics and AI-driven recommendations, it helps customers pick the right lender.
The company is also developing regional AI bots to improve customer outreach and enhance its AI/ML-based loan processing system.
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