NoBroker.com adds Rs. 50 crores to its Series B funding
With USD 3 mn in Series-A funding early last year, this takes the total funding raised by NoBroker.com to USD 20 mn from its inception.BY Indian Retailer Bureau | Dec 20, 2016 | comments ( 0 ) |
As an extension to the Series B funding, NoBroker.com has raised USD 7 mn(INR 50 crores). This extension round is led by Korean investor KTB Network. With USD 3 mn in Series-A funding early last year, this takes the total funding raised by NoBroker.com to USD 20 mn from its inception.
Chunsoo Kim, Venture Capitalist, KTB Network, said, "NoBroker has already served millions of rent seekers and home owners to find one another, seamlessly through its platform, since its inception in 2013. With a large and growing Indian population, NoBroker has the potential to become market leader in this large real estate market."
Amit Agarwal, CEO and Co-founder, NoBroker.com, said, "This is special because this is the first time that a Korean fund has led the funding round for an Indian startup. We are at an excellent position now in terms of customer growth and financials. Global network of KTB will also aid us in our future global ambitions."
NoBroker.com has seen a steady growth curve this year. Though the real estate sector saw a series of and ups and downs this year complete with many mergers and acquisitions. NoBroker registered sustained growth matrix. The year started with NoBroker.com raising USD 10 million in Series B funding. The last couple of months saw entrepreneurial stalwarts like Anand Chandrasekaran and Vijay Shekhar Sharma also investing undisclosed amounts in NoBroker.com.
Akhil Gupta, CTO and Co- Founder, NoBroker.com, said, "We are glad to have KTB as our investor. These additional funds have put us in a strong position from overall capital perspective. Our aim is to use these funds to expand rapidly and move towards becoming the number one online real estate player in India in terms of closed transactions in next 24 months."
NoBroker.com has recently moved to a freemium subscription-fee based model and has been growing revenues aggressively.
The market size of residential rental and resale brokerage alone in top 20 cities in India is a whopping USD 6.5 billion which is estimated to grow to USD17 billion over the next 5 years.
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