Bangalore-based brokerage-free property search portal NoBroker.com has secured Rs 50 crore series-B funding from South Korean investment firm KTB Ventures. This is the first investment in India for the Korean firm, which is the venture capital arm of KTB Network.
With this, the total investment NoBroker has raised in this round amounts to $17 million (Rs 122 crore). The company had raised $10 million in February, in a round led by BEENEXT and Digital Garage.
“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 is currently operational in in Bangalore, Mumbai, Pune and Chennai.