NoBroker, a peer-to-peer property listings startup that wants to rid brokers from the rental process in India, has closed a $3 million Series A round to expand its service to more cities beyond Bombay and Bangalore.
SAIF Partners and Fulcrum Ventures participated in the round. The startup last year raised an undisclosed seed round from Saurabh Garg, an angel investor who co-founded the Four Fountains Spa chain.
The Bangalore-based startup wants to simplify the process of renting properties. It believes that a peer-to-peer model, facilitated by its site, can slice out property brokers — the kingpins who control rental deals and take a large slice of commission for matching landlord and tenant.