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Peer-to-peer property listings portal NoBroker raises $3M from SAIF & Fulcrum

Bangalore-based peer-to-peer property listings platform NoBroker has raised $3 million from SAIF Partners and Fulcrum Ventures, reports TechCrunch. The report mentions that the funds will be used to expand the service beyond Bangalore and Mumbai, where it's currently operational. Last year, NoBroker had raised an undisclosed amount of seed funding from angel investor and co-founder of the Four Fountains Spa Saurabh Garg. 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, finding accomodation. Founded by Amit Kumar Agarwal and Akhil Gupta in March 2014, NoBroker aims to expand to 20 cities over the next 2 years. Agarwal told TC that NoBroker's main competition will be from brokers and not other online home rental platforms. NoBroker initially listed properties only in Mumbai, and recently expanded to Bangalore. It claims to have 5000 listed properties in Mumbai. 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…

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