Broker free property search portal NoBroker.com has bagged $10 million in series B fund round led by BEENXT & Digital Garage with participation from other investors namely BEENOS, Qualgro an Mamoru Taniya of Ayuska holdings.
This will take the total fund round being bagged by the company to $13 million. The fund round was Present investors SAIF partners also took part in the fund round leading the series Around of No0Broker along with fulcrum ventures on year back.
Amit Kumar Agarwal, CEO & Co-founder, NoBroker.com says, “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.”
With its presence in 4 cities namely Bangalore, Mumbai, Chennai and Pune, the startup claims that it is helping its customers save over 15 crore of brokerage each month. According to firm estimation the market portion of resale brokerage and residential rental alone in top 20 cities in India is whopping $6.5 billion estimated to grow to $17 billion in next five years.
Set Up by Akhil Gupta from IIT –Bombay & Amit Kumar Agarwal from IIT Kanpur and IIM Ahmedabad, NoBroker aims to deliver brokerage free solutions to both customers and owners. With it’s disruptive move in age old industry, NoBroker stated that it will attempt to evolve the way real estate transactions take place.