Fintech marketplace Ambak is reportedly in talks to raise ₹80 Cr ($8.4 million) in a fresh funding round, which will be led by Quona Capital. Existing investors, including Peak XV Partners and Z47 Partners, are also expected to participate in this round. Following this funding, Ambak’s post-money valuation is anticipated to be in the range of ₹650 Cr to ₹680 Cr.Founded in 2023 by Raghuveer Malik, Pranav Khattar, Rameshwar Gupta, Ashish Lohia, and Rashi Garg, Ambak operates a digital marketplace for home loans. The platform claims to simplify the home loan process by utilizing its proprietary Bank Rule Engine and integrated credit score tools to connect users with suitable financiers.Currently, Ambak collaborates with over 50 lender partners and serves more than 15,000 customers along with 3,000 intermediaries.In December 2022, Ambak raised approximately $7.5 million from Peak XV Partners and Z47 Partners. Earlier this year, the startup secured $7 million in funding. This latest funding round comes at a time when several startups are focusing on streamlining the home loan acquisition process for consumers.Ambak faces competition from other players in the market, including Credit Dharma, EasiLoan by Square Yards, Wishfin, and BankBazaar. Notably, BankBazaar raised ₹55 Cr in funding last year, while Square Yards achieved unicorn status after raising ₹900 Cr recently.Additionally, housing finance platform Nivasa Finance secured ₹25 Cr in seed funding from Prime Venture Partners last month. According to Inc42’s fintech report, digital lending is projected to contribute around 40% of India’s total fintech revenue by 2030, with expectations for this share to exceed 53%, as the segment is anticipated to surpass $133 billion within an overall fintech market of $250 billion.
