Indian P2P rental property listings site NoBroker raises $3m
SAIF Partners and Fulcrum Ventures have taken part in a $3 million Series A round of funding for NoBroker, a Bangalore-based peer-to-peer (P2P) property listings site for renting homes.
This latest round comes a year after the start-up raised an undisclosed seed round from Saurabh Garg, an angel investor who co-founded the Four Fountains Spa chain - another Fulcrum portfolio firm.
Founded in 2013, NoBroker is a home rental platform that helps users find a home without paying commission to property brokers. It claims to have verified listings which ensure that each new sign-up is a prospective tenant or owner, therefore cutting out the middle man.
NoBroker has so far been expanding its service within Mumbai and currently has about 5,000 listed properties in the city alone. This new capital will be used to expand to newer cities, with the firm looking to reach 20 cities in India in the next two years.
Amit Agrawal, NoBroker's co-founder, told TechCrunch, that he estimates the total rental brokerage market to be worth $4 billion annually in India, and around $200 billion globally.
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