NoBroker.com has announced that Angel Investor and Entrepreneurial Product Leader, Anand Chandrasekaran has invested in the company. The investment further strengthens NoBroker’s robust investor portfolio.
NoBroker.com had raised Series B funding in February this year. The total funding raised by NoBroker.com so far is $13 million. The company’s portfolio of investors includes SAIF Partners, BEENEXT- Singapore-based venture capital firm run by Teruhide Sato, Digital Garage (early investor in Twitter), BEENOS, Qualgro and Mr. Mamoru Taniya of Asuka holdings.
Speaking on his investment, Mr Anand Chandrasekaran says, “NoBroker.com is disrupting an age old real estate industry. The business model is hugely scalable and the product reach has global potential. Innovative products driven by technology have removed intermediation in majority of sectors and it is happening in real estate as well. I am excited to guide their vision at a global level.”
Since raising the series-A round, NoBroker has grown 20 times across all key dimensions: website visitors, registered users and new property listings. “Since inception, our focus has been on building a disruptive product and enhancing customer experience. Our product philosophy is driven by innovation and fulfillment of customers’ stated and unstated needs. We are excited to have Anand as an investor. His expertise in building products of global standards will help us take our disruption to the next level”, says Akhil Gupta, CTO and Co-Founder, NoBroker.com.
NoBroker.com has served over a million customers making it the world’s largest C2C real estate platform. The firm is adding 1 lakh customers on a monthly basis and witnessing 5 lakh customer connections every month which leads to a saving of more than 18 crorers. NoBroker.com recently moved to a freemium subscription-fee based model. “There is a huge customer demand and acceptance of a brokerage-free real estate marketplace. Our focus is on building a profitable business by breaking-even next year”, says Amit Kumar Agarwal, CEO and Co-Founder, NoBroker.com.
The market size of residential rental and resale brokerage alone in top 20 cities in India is a whopping $6.5 bn which is estimated to grow to $17 bn in next 5 years. The problem that NoBroker.com is trying to solve has massive scale and impact. It is set to disrupt, redefine and democratize the real estate sector for the benefit of the customer. Before NoBroker.com, a typical rental transaction would cost 2 months brokerage and a resale transaction used to cost buyers & sellers a combined 4 to 6 per cent of the deal value as brokerage. NoBroker.com has managed to crash this transaction cost and put the savings back in customer’s pocket.
NoBroker.com is a brokerage-free real estate portal that connects customers directly with each other by eliminating the middleman. NoBroker.com is disrupting the real estate sector by removing the information asymmetry with the use of cutting edge technology and innovation. It was founded by Akhil Gupta from IIT- Bombay, Amit Kumar Agarwal from IIT- Kanpur and IIM- Ahmedabad andSaurabh Garg from IIT- Bombay and IIM- Ahmedabad.
