24 February, 2016, Bangalore: NoBroker has acquired US $10 million funding in its series B round of funding. The round was headed by BEENEXT & Digital Garage, along with BEENOS, Qualgro and existing investor SAIF Partners. As per the officials, it will be utilising the funds in enhancing its products, hiring new talent and improving its customer experience.
In its earlier round, company had managed to raise US $ 3million fund in February, 2015 from SAIF Partners and Fulcrum Ventures. Apart from revamping its internal process, part of funds will also be utilised in stretching its reach to other cities.
NoBroker is jointly formed by Amit Kumar Agarwal and Akhil Gupta in 2014. Now the company is focusing on spreading its wings to 20 other cities across the country. NoBroker’s main competition will be from brokers and not from other online home rental platforms. According to the claims made by company, it verifies every listing on the platform to ensure that the posters are only actual owners and those searching for flatmates. Users can also message the details on WhatsApp (add +91-8107555666) and the listing will be created by NoBroker.
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