NoBroker, an online property listing platform which aims to git rid of brokers for renting properties, has received fresh backing from the ever-active, Anand Chandrasekaran. This investment also marks the 20th investment made by Anand as an angel investor.
Anand Chandrasekaran usually invests in early-stage startups, but this time, his investment in NoBroker, is a departure from his typical strategy. The company has already raised about $13 million in funding from various investors.
While Chandrasekaran has not revealed the exact amount invested by him in NoBroker, his earlier investments were between $10,000-$25,000 in early-stage, which sometimes included pre-revenue startups. He has made around 10-12 investments in the current calendar year.
The portfolio of companies which have received funding from Anand Chandrasekaran includes, smartphone gaming app Gamezop, smartphone venture Creo and food-tech startup Innerchef, merchant discovery and rewards platform Crownit, among others.
Commenting about this funding, Amit Agarwal, co-founder, NoBroker, said,
Anand has been a pioneer in conceptualizing and developing products, and his understanding of the market is unparalleled. We needed that expertise, as we look to reduce the cycle of our product evolution.
Speaking about the investment, Anand Chandrasekaran said:
My role is largely going to be supporting the work they’re already doing, and help them solve for scale, build a great culture and strategize when to look outside its domestic market, among other things.
Anand quit Snapdeal in May earlier this year, having spent a little over 12 months at Snapdeal as Chief Product Officer. Prior to joining Snapdeal, he was the chief product officer at Bharti Airtel. He holds a M.S. degree in Electrical Engg. from Stanford University, and a B.S. in Communications Engg. from PSG College of Technology. Earlier, he was also named Young Global Leader by the World Economic Forum.
NoBroker was founded in 2013 by Amit Agarwal and Akhil Gupta, after their experience for renting in India and “realized that the fundamental point is to move away from brokers altogether.”
Along with listing properties for rental, the company also has an algorithm that can scour the internet to verify that each new sign-up is a prospective tenant and not a broker, claims the company. The platform allows customers to bypass the ubiquitous middleman from all property-related transactions, and operates on subscription-fee model.