NoBroker.com has raised USD 7 million (about Rs 50 crore) as part of its series B funding. This is the extension of the USD 10 million Series B round announced few months back this year, taking cumulative amount to USD 17 million.
This extension round is led by Korean investor KTB Network and saw participation from existing investors – SAIF Partners, BEENEXT and Digital Garage, it said in a statement adding that the total funding raised till date by NoBroker.com amounts to USD 20 million.
“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 CTO and co-founder Akhil Gupta said.
The consumer-to-consumer platform provides a select number of owner contact details based on the user’s specifications. The revenue comes mainly from subscription charges, typically starting at Rs 1,999 paid by customers looking to rent out properties without going through a broker. On the other hand, SoftBank-backed Housing.com, which raised $100 million so far, is planning to reintroduce home rentals business in 2017.