The Series B round will be channeled towards acquiring more customers, getting new hires, and enhancing its product offerings
India-based online real estate marketplace NoBroker has raised US$10 million in a Series B round led by BEENEXT & Digital Garage along with other investors namely BEENOS, Qualgro and Mr. Mamoru Taniya of Asuka holdings. Existing investor SAIF Partners also participated in this round.
This round raises its total funding acquired to US$13 million. Last year, it raised US$3 million from SAIF Partners and Fulcrum Ventures.
It plans to use the capital to hire more developers, improve its product as well as expand efforts to acquire more customers.
“NoBroker.com is solving the problem of high cost of intermediation and information asymmetry in real estate space with help of technology. Their innovative approach is sharply customised to solve this large customer pain point of paying hefty brokerage,” said Mayank Khanduja, Principal, SAIF Partners, in an official press release.
Launched in March 2014 by IIM Ahmedabad and IIT graduates, NoBroker is a property search portal that connects flat owners and tenants directly with each other by eliminating the middleman. It has presence in 4 major cities namely Mumbai, Bangalore, Pune and Chennai.
This new disruptive model of cutting out brokerage in the real estate business caught the ire of many brokers; some made threatening phone calls, others resorted to violence, trashing up NoBroker’s office in Bangalore.
This, thankfully, has not stopped the march of progress, not even when NoBroker transitioned from a free model to a subscription-based model. It claims its user base grew from 35,000 to 650,000 in the past year.
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