SAIF and Fulcrum funds No Broker.in. The company is a new rental platform for home without paying brokerage to the brokers during house search.The Bengaluru based company was founded by 2014 by Akhil Gupta and Amit Kumar Agarwal. The company is a peer to peer property listings startup that wants to get rid brokers from the rental process in India.
NoBroker plans to simplify the process of renting properties and believes that a peer to peer model. With the help of their site, they can slice out property brokers who control rental deals and earn a large chunk of commission from both landlord and tenants.
The company has covered Mumbai and recently expanded to Bengaluru. NoBroker has 5,000 listed properties for Mumbai alone. Amit Agrawal says “ a broker can pocket 18 per cent of the total of an annual rental agreement via charges to both the tenant and home owner.”
NoBroker has developed algorithm that can scour the internet to verify that each new sign up is a prospective tenant and not a broker. The algorithm is 99.9 percent effective.
NoBroker was founded by Amit Kumar Agrawal and Akhil Gupta. Amit Kumar Agrawal has rich professional experiences. He did his Bachelor of Technology in Civil Engineering from Indian Institute of Technology, Kanpur and later did his Masters in Business Administration in Finance from Indian Institute of Management, Ahmedabad.
He started his career in Cognizant Technology Solutions as an Analyst, worked till May 2002. Amit then moved to PwC Banking and Financial Services Practice as Principal Consultant. He mentored a team of 10 consultants and led consulting delivery teams of execution of assignments.
In 2012 he joined ANZ Bank as Associate Director and worked on entry into business area. He was instrumental in opening of 2 branches of ANZ in India till he became Chief Executive Officer of NoBroker.
Akhil Gupta is Chief Technology Officer of NoBroker. He is graduated in Bachelor of Technology and Masters in Technology in Chemical Engineering from Indian Institute of Technology, Bombay. He is certified scrum master and have patent registered in his name Interactive Store Design Interface based System.
He started his career as Associate Applications Engineer in Oracle Corporation from 2005 and went on to become Development Manager, Oracle Sales Cloud till he co founded NoBroker.
The company received their Series ‘A’ funding for $3 million from SAIF Partners and Fulcrum Ventures. The funding will be used for strengthening its non broker ecosystem and on expanding to all major cities in India. NoBroker believe their platform has the potential to succeed abroad, however they intend to focus on Indian markets.
The company visions to reach 20 new cities in India in next 2 years and Amit Agarwal states they may go for further funding. Earlier NoBroker received an undisclosed amount of funding from Saurabh Garg, an angel investor who is founder of Four Fountains Spa Chain.
The online advertisement spending in the real estate industry is pegged to reach nearly $16 billion, a whopping 210% increase compared to the figures of 2009. The online realty portals are attracting greater investor attention. Online realty portals like Housing.com received $90 million from Softbank, IndiaHomes.com received $50 million from its existing investors.
Commonfloor.com raised Rs.60.35 from Google Capital and PropTiger.com received $30 million from News Corporation managed by Rupert Murdoch.