Broker Network, a PropTech Startup founded by Housing.com’s Rahul Yadav has raised nearly INR 90 crore in funding from its sole and existing investor Info Edge. The startup will use the funding to support its expansion and growth plans.
The deal will be done through Info Edge’s wholly-owned subsidiary Allcheckdeals India, which will hold a 59.8% stake in the Mumbai-based proptech platform.
Founded by Rahul Yadav in 2020, Broker Network connects brokers with real estate developers and buyers. It also allows users to list their properties on the platform and offers home loan-related services to its clients through third-party lenders such as banks and non-banking finance companies (NBFCs).
Info Edge invested INR 18 cr in 4B Networks in December last year. The internet company followed it up with another investment of INR 9 Cr in February. Later in March, the Noida-based company invested an additional INR 137.12 crore to acquire a majority stake in the startup.
In total, Info Edge has reportedly invested INR 227 cr in Broker Network this year alone, including the latest funding.
The Mumbai-based startup claims to host more than 1 Lakh brokers and has more than 1,000 real estate projects on its platform. Apart from this, the startup also claims to have disbursed home loans worth INR 4,000 crore since its inception. Broker Network is the second prop-tech startup of Yadav, who earlier co-founded Housing.com with 10 others from hostel rooms at IIT-Bombay in 2012. While the startup took off, Yadav’s tenure as CEO ended sourly.
He tendered his resignation in 2015 after writing a scathing email against investors. He later rejoined the company and was eventually fired after reports surfaced that the startup was spending INR 120 crore on marketing campaigns even as the company was haemorrhaging money.
The announcement comes amid renewed interest in the proptech sector over the past few months. According to the report, India’s proptech space is expected to attract over $1 billion in investment by 2025.
At the end of August, the Gruhas accelerator ASPIRE announced its first cohort of seven startups that will benefit from the growing popularity of the emerging space. Bengaluru-based prop-tech startup Landeed also raised INR 19.5 Cr in a pre-funding round led by a group of angel investors in the last month.
In July, proptech startup PropReturns raised an undisclosed amount of investment from CRED’s Kunal Shah in a strategic funding round. In the same month, Homexchange raised $4 million in a funding round.