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Peer to-peer NoBroker.com has raised $10 million (about Rs 65 crore) in Series B funding. This takes the total funding raised by NoBroker.com to $13 million.
This funding round has been led by Japanese investors 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.
Japanese investor Teruhide Satu, Founder, Beenos and Beenext, said, “Real estate market is one of the largest untapped domain for marketplace model and NoBroker.com has a very innovative approach to make it happen with the power of technology. NoBroker.com is not only India’s but world’s largest P2P real estate marketplace and we believe this will be one of the model cases of the global internet innovation."
SAIF Partners had led the Series-A round of NoBroker.com, along with Fulcrum Ventures, a year ago.
“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,” says Mayank Khanduja, Principal, SAIF Partners.
“NoBroker.com is a technology company at the core and investment from funds like Digital Garage (one of the early investors in Twitter) is a major recognition for our tech innovation,” says Akhil Gupta, CTO and Co-Founder, NoBroker.com.
“We are solving the problem of information asymmetry with the help of cutting edge technology. This funding will help us in getting good technology talent on board and enhance the product offering and thus improve the overall customer experience,” he adds.
The current investment has come at a time when NoBroker.com is seeing exponential growth in customer base.
“In the last 12 months, our customer base has grown from 35,000 to 650,000. This funding will help us further grow and 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.
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