NoBroker’s office was vandalised and staff assaulted by around 40-50 people for “the disruption it is causing in the market”
Anand Chandrasekaran, an active angel investor and former Chief Product Officer at Indian e-commerce major Snapdeal, has invested an undisclosed sum in Bangalore-based brokerage-free real estate portal NoBroker.
“NoBroker is disrupting an age-old real estate industry. The business model is hugely scalable and the product reach has global potential. Innovative products driven by technology have removed intermediation in majority of sectors and it is happening in real estate as well,” said Chandrasekaran.
Early this year, NoBroker had raised US$10 million in Series B round led by BEENEXT and Digital Garage, with participation from BEENOS, Qualgro and Mamoru Taniya of Asuka holdings, besides existing investor SAIF Partners.
Launched in March 2014 by IIM Ahmedabad and IIT graduates, NoBroker is a property search portal that connects flat owners and tenants directly with each other by eliminating the middleman.
“Since inception, our focus has been on building a disruptive product and enhancing customer experience. Our product philosophy is driven by innovation and fulfilment of customers’ stated and unstated needs. We are excited to have Anand as an investor. His expertise in building products of global standards will help us take our disruption to the next level,” said Akhil Gupta, CTO and Co-founder at NoBroker.
NoBroker claims it has served over a million customers and is adding 100,000 customers on a monthly basis and witnessing 500,000 customer connections every month. NoBroker.com recently moved to a freemium subscription-fee based model.
“There is a huge customer demand and acceptance of a brokerage-free real estate marketplace. Our focus is on building a profitable business by breaking-even next year,” said CEO Amit Kumar Agarwal.
NoBroker was in the news in September last year after its office was vandalised and staff assaulted by around 40-50 people, allegedly brokers, for “the disruption it is causing in the market”.
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