Bengaluru-based NoBroker Technologies Solutions Pvt. Ltd, which runs property listing portal for renting homes NoBroker.com has raised $7 million from Korean investor KTB Network. The round also saw participation from existing investors including SAIF Partners, BEENEXT, and Digital Garage.
The company connects property owners with prospective buyers or rental tenants directly with no need for a broker, as the name suggests. NoBroker closed a $10 million Series B funding round in January, and this new raise is an extension of that.
“India’s domestic market is large, it is growing and has a very young population. We are happy to look at any Indian startup which has expertise in the area and is innovating to disrupt the status quo,” said Chun Soo Kim, team manager for investment screening at KTB.
NoBroker was founded by Akhil Gupta, an alumnus of IIT-Bombay, Amit Kumar Agarwal of IIT-Kanpur and IIM-Ahmedabad, and Saurabh Garg a graduate of IIT-Bombay and IIM-Ahmedabad.
NoBroker is currently active in four cities — Bangalore, Mumbai, Chennai and Pune — across which it claims to have “served” 1.5 million customers to date. The company explained that figure combines the number of property owners who have listed at least one location with the number property seekers who have contacted at least one property owner. It broke out that it has racked up a cumulative 500,000 listings and 600,000 downloads of its Android app. (An estimated 95 percent-plus of smartphones in India run Android.)
On an average, the customer, who finds a house through the website, pays an average rental of Rs 25,000 in Mumbai and Rs 19,000 in Bengaluru and Chennai.
This year, NoBroker experimented with an unannounced pilot in Manila, Philippines, but it is not immediately focused on expanding its service overseas at this point.