Bangalore-based peer-to-peer property listings platform NoBroker has raised $10 million in a Series B round of funding led by BEENEXT & Digital Garage, along with BEENOS, Qualgro and existing investor SAIF Partners. The company will use the funds for hiring, enhance its product and improve customer experience.
Prior to this, NoBroker had raised $3 million in February last year from SAIF Partners and Fulcrum Ventures. At the time, the company said it would use the funds to expand beyond Bangalore and Mumbai.
While there are a number of online home rental services in India, the process of renting an apartment is still complicated and time consuming due to the involvement of brokers/agents. The success of Facebook groups like Flats & Flatmates and Put Me In Touch indicate that there is a huge demand for peer-to-peer services, especially in searching and finding accommodation.
Founded by Amit Kumar Agarwal and Akhil Gupta in March 2014, NoBroker aims to expand to 20 cities over the next 2 years. NoBroker’s main competition will be from brokers and not other online home rental platforms. NoBroker initially listed properties only in Mumbai, and has since expanded to Bangalore, Pune and Chennai.
The company claims that 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. Their customer service representatives will get in touch in case any further details are required.
The company also offers paperwork and documentation services, including lease agreement registration, bank franking, police verification and society approvals among others.
Note that Housing.com had also introduced an online rental agreement service that allowed users to create a rental agreement online and get the physical copy delivered to their homes in 2014. However, Housing currently mentions that its rental agreements service is closing by the end of this month.