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NoBroker raises Rs 50cr from KTB Ventures

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CIOL Writers
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Online real estate platform NoBroker has raised a fresh funding of Rs. 50 crore from South Korean investment firm KTB Ventures in an extension of its series-B round.

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This investment is first by KTB Ventures in the Indian market. “India’s domestic market is large, it is growing and has a very young population. We are happy to look at any Indian startup which has expertise in the area and is innovating to disrupt the status quo,” said Chun Soo Kim, team manager for investment screening at KTB.

The latest series-B funding takes the total amount the company received in this round to $17 million (Rs 122 crore). Earlier in February, the company had raised $10 million in Series B round from Japan-based investors Beenext and Digital Garage along with Singapore-based Qualgro, Asuka Holdings’ Mamoru Taniya, and existing investor SAIF Partners.

“With the additional funds, we plan on expanding to top five cities in India and will soon launch in the north. It has been a conscious decision to restrict the scale, in view of profitability. We plan on reaching profitability by the next 18-24 months,“ said NoBroker chief executive Amit Agarwal.

NoBroker was founded in 2013 by three IIT and IIM alum – Akhil Gupta, Amit Agarwal and Saurabh Garg. The company offers subscription fee-based services to potential tenants and homeowners, bypassing the ubiquitous real estate broker.

Besides the renting prospects and formalities, the startup also provides the necessary legal documents which are customised for every deal. It also offers ancillary services such as connecting customers with moving and packing agents, undertaking rent negotiations and assisting with the drawing up of rental agreements.