NoBroker unlocks $7m for real estate platform

Indian real estate marketplace NoBroker has raised $7m in new funding led by Korean investor KTB Ventures.

The company says the new funding is an extension of the $10m Series B round it closed in January.

The round also saw participation from Hong Kong-based SAIF Partners and Japanese firms Beenext and Digital Garage.

NoBroker says KTB Venture’s investment is the first by a Korean firm into the Indian tech scene.

The company’s founders claim they did not need to raise more capital but want to be able to utilise KTB’s experience and bolster the company’s financials.

As its name makes apparent NoBroker allows buyers or renters to connect directly with property owners – without a broker in between.

The Bangalore-based firm is also active in Mumbai, Chennai and Pune.

It claims that it helps users save as much as $3m in broker fees each month.

The effect of this is that NoBroker saw its offices in Bangalore attacked by more than 40 angry brokers in September.

It is now beginning to monetise the platform with the addition of services for tenants and home owner.

The new capital takes NoBroker’s total funding to $20m.

Copyright © 2016 FINTECH GLOBAL

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