Bengaluru-based brokerage-free real estate portal, NoBroker has raised $7 Mn, as an extension to its Series B funding. This extension round is led by Korean investor KTB Network. Existing investors SAIF Partners, BEENEXT, and Digital Garage also participated in the funding.
Chunsoo Kim, Venture Capitalist at KTB Network said, “I am impressed with the differentiated and disruptive business model of NoBroker, which is solving a huge, latent, customer demand. NoBroker has already served millions of rent seekers and home owners to find one another, seamlessly through its platform.”
NoBroker is a brokerage-free real estate portal that connects customers directly with each other by eliminating the middleman. It was launched in March 2014 by Akhil Gupta (IIT- Bombay), Amit Kumar Agarwal (IIT- Kanpur and IIM- Ahmedabad), and Saurabh Garg from (IIT- Bombay and IIM- Ahmedabad).
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This round takes the cumulative Series B round to $17 Mn. It is an extension of the one announced in February 2016, where it had raised $10 Mn in Series B round of funding, led by BEENEXT & Digital Garage, along with other investors like Beenos, Qualgro, and Mamoru Taniya (of Asuka Holdings). Its existing investor SAIF Partners also participated in the round.
The portal recently moved to a freemium subscription-fee based model and has claimed to have been growing revenues aggressively. As per a company statement, NoBroker has served 1.5 Mn customers till now. NoBroker is adding more than 1 Lakh new registered customers on a monthly basis and witnessing 5 Lakh customer connections every month which leads to a saving of more than INR 20 Cr of brokerage monthly.
Earlier in November 2016, it raised an undisclosed amount of funding from Paytm founder Vijay Shekhar Sharma. Prior to this in September 2016, NoBroker raised an undisclosed amount of funding from angel investor Anand Chandrasekaran. Other startups in this segment include Housing.com, Zocalo, NestAway, and GrabHouse.