Online P2P rental property listings startup NoBroker raises $3M from SAIF & Fulcrum

Bangalore-based NoBroker Technologies Solutions Pvt Ltd, the company which runs a peer-to-peer property listings site for renting homes under NoBroker, has raised $3 million (Rs 18.6 crore) in Series A funding from SAIF Partners and Fulcrum Capital, as per a Techcrunch report citing the top management.

The fund will be used to expand to newer cities and the firm is looking to reach 20 cities in India in two years and that is likely to require further funding in due course, Amit Agrawal, co-founder, NoBroker Technologies, told the news site.

We have contacted the firm for more details and shall update the story as we hear from them.

The company was founded in 2013 by IIT-ians Agrawal and Akhil Gupta. Agrawal has previously been an analyst at Cognizant Technologies, principal consultant at PwC and associate director at Australia New Zealand Bank while Gupta an application engineer at Oracle and technical lead at PeopleFluent.

NoBroker is a home rental platform that helps a user find a home without paying any brokerage. It claims of having verified listings to make sure that these are direct owners or shared accommodation parties and there are no middlemen or brokers involved.

The firm also provides users with a template to generate their own customised legal document for each rental.

Presently, it has operations in Mumbai and Bangalore. It claims of having 5,000 listed properties in Mumbai alone.

Last year, it had raised an undisclosed amount in seed round from Saurabh Garg, an angel investor who co-founded the Four Fountains Spa chain. Four Fountains is a portfolio firm of Fulcrum.

(Edited by Joby Puthuparampil Johnson)