Business briefs

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BASIC Home Loan raises USD 500,000 in seed round from Picus Capital New Delhi, Oct 26 (PTI) BASIC Home Loan (Basic Enterprises) on Monday said it has raised USD 500,000 (about Rs 3.70 crore) in seed round from German early-stage technology investment firm Picus Capital.

BASIC Home Loan - a Gurgaon-headquartered company developing a platform for automating home loans for middle and low-income households in India - aims to use 'Phygital' approach in creating a network of agents who utilise their technology in handholding consumers from 'research' to 'final disbursement' of home loans. It has been co-founded by Atul Monga, Kalyan Josyula and Pranav Khattar.

In its first month of operations, BASIC Home Loan has sourced USD 6 million loans for Indian borrowers, and has sanctioned USD 3 million so far. It aims to cross USD 60 million loan disbursals in the first year of operations.

**** Quick Heal appoints Sanjay Agrawal as Chief Product Officer, Bibhuti Kar as R&D Head * Cybersecurity solutions provider Quick Heal Technologies Ltd on Monday said it has appointed Sanjay Agrawal as Chief Product Officer, and Bibhuti Kar as Head of Research and Development.

The expansion of the leadership team reinforces Quick Heal's commitment to accelerate product innovation and drive expansion of next-generation enterprise security solutions under the 'Seqrite' brand, a statement said.

In his role, Agrawal will be responsible for driving the overall product vision and strategy in line with market expectations, it added.

Kar will drive the company's development efforts leading a team of talented engineering professionals and security researchers, the statement said.

**** Volt partners with TCS to expand payment offerings *IT services major Tata Consultancy Services (TCS) on Monday said it has partnered with Volt, Australia's first neobank, to power the latter's next-generation Banking as a Service (BaaS) platform 'Volt 2.0'.

Set to launch in 2021, Volt 2.0 will leverage TCS BaNCS - a global payments solution - to expand the bank's offerings to include NPP (New Payments Platform), BPAY (an electronic bill payment system in Australia) and DE (direct entry), enabling full-service banking capabilities for all its customers, a statement said.

Volt will work closely with TCS to incorporate the real-time capabilities of TCS BaNCS for payments, along with API-based access to open banking components that are not dependent on traditional legacy structures, it added.

The end-to-end solution provides full back-end support, the flexibility to integrate leading technologies, and connect with an extended ecosystem to offer innovative new products and services.

**** PNB donates emergency vehicle to Bhaoroa Deoras Sewa Nyas *State-run Punjab National Bank Monday said it has donated an emergency vehicle to Bhaoroa Deoras Sewa Nya.

The vehicle will be used by the trust to help sick persons and their families who visit Delhi for treatment at AIIMS, the bank said in a release.

Union Minister for health and family welfare, science and technology and earth sciences, Harsh Vardhan along with the bank's managing director and CEO CH SS Malikarjuna Rao handed over the key to the trust. PTI SR HV SHW SHW