NoBroker.com, a broker-free property search portal that connects flat owners and tenants directly with each other, has raised $10 million in Series B funding. This takes the total funding raised by the company to $13 million. The funding round has been led by BEENEXT & Digital Garage along with other investors namely BEENOS, Qualgro and Mamoru Taniya of Asuka holdings. Existing investor SAIF Partners has also participated in this round, who had led the series A round of NoBroker, along with Fulcrum Ventures, one-year back.
“In last 12 months our customer base has grown from 35,000 to 650,000. This funding will help us further grow & strengthen our customer base. We have seen this growth despite us moving from a free to a subscription-based fee model. This shows 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”, says Amit Kumar Agarwal, CEO & Co-founder, NoBroker.com.
The company enables more than 400,000 customer connections on a monthly basis. With presence in 4 major cities namely Mumbai, Bangalore, Pune and Chennai, NoBroker claims that it is helping customers save more than 15 crore of brokerage every month. The firm estimates that the market size of residential rental and resale brokerage alone in top 20 cities in India is a whopping $ 6.5 billion which is estimated to grow to $17 billion in next 5 years.
Founded by Akhil Gupta from IIT- Bombay & Amit Kumar Agarwal from IIT- Kanpur and IIM- Ahmedabad, NoBroker focuses on delivering brokerage free solution to both owners and customers. With such disruptive moves in age-old industry, NoBroker said that it is attempting to transform the way real estate transactions take place by doing what has never been done before.