NoBroker.com, a brokerage free property platform, on Wednesday announced its entry into the Delhi-NCR market and plans to have presence in 20 major cities over the next three-four years.
In October, the Bengaluru-based firm raised USD 50 million in Series D funding, led by Tiger Global Management, for business expansion. It has raised USD 121 million since its inception in 2014.
NoBroker.com helps in buying/selling and renting of housing and commercial properties by connecting owner and property seekers without involving brokers.
"We have entered into the Delhi-NCR which is the biggest property market in the country," NoBroker.com co-founder Saurabh Garg told reporters here.
The company now has presence in six cities -- Bengaluru, Mumbai, Pune, Hyderabad, Chennai and the national capital region and aims to have presence in 20 major cities over the next three-four years.
Since its launch in New Delhi, NoBroker.com has already garnered 62,000 consumer registrations and over 27,000 listings on the platform. It has, thus far, facilitated over 1100 deals in the region.
On operational front, co-founder Amit Kumar Agarwal said the company is facilitating 20,000 transactions per month, of which 85 per cent are for rental.
Asked about revenue model, Agarwal explained that the company earns money by charging for premium service which is providing a phone relationship manager to help fast execution of transaction.
The company also generates revenue by offering value-added services like packers and movers, property loan, legal documentation, furniture rental and 'NoBroker Pay' for rent payment through credit card, he added.
Garg said the company has already achieved break-even in Bengaluru and Mumbai. It takes 12-18 moths to break-even in any city, he added.
The company, however, declined to disclose the revenue posted in the last fiscal.
"The idea of zero brokerage holds a lot of appeal for the value conscious Indian consumer. Our platform aims to create a transparent real estate ecosystem by eliminating brokerage from the equation. Agarwal said.
NoBroker also helps customers in suggesting the ideal location to buy or rent a property as well as the rent or capital value of the property.
The company raised an initial round of funding from SAIF Partners of USD 3 million in 2015, followed by a Series B of USD 17 million from Japanese investor Beenext and Korean investor KTB Ventures in 2016.
In June 2019, NoBroker raised USD 51 million from General Atlantic.