Bangalore-based P2P rental marketplace, NoBroker, has 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.
With this round of funding, the company has raised a total funding to the tune of $13 Mn. In February, last year, it had raised $3 Mn from SAIF Partners & Fulcrum Ventures.
NoBroker.com was founded by Amit Agarwal and Akhil Gupta in 2014, The company has seen its customer base grow from 35,000 to 650,000, in the last 12 months.
Amit Kumar Agarwal, CEO and co-founder of NoBroker, said, “We have seen this growth despite us moving from a free to a subscription-based fee model. This shows that the customers’ need & acceptance of a brokerage free real estate platform. Our revenue is doubling every month. Focus is to build a profitable business by breaking even next year.”
The startup plans to use the funds to grow further and strengthen its customer base.
NoBroker has created a disruption in the real estate space by eliminating brokerage and creating the P2P real estate platform. With this, it claims to have enabled more than 4,00,000 customer connections on a monthly basis.