Broker Network, the proptech business founded by Housing.com founder Rahul Yadav, has received another Rs 90 crore from its existing and sole backer, Info Edge. With this latest investment, Info Edge’s subsidiary Allcheckdeals India now owns 59.8% of the Mumbai-based company. According to regulatory filings with the Registrar of Companies, the board of Broker Network’s parent company, 4B, has passed a special resolution to issue 1,913 CCPS at an issue price of Rs 4,70,465.24 per share to raise Rs 90 crore by Info Edge’s subsidiary Allcheckdeals India Private Limited (RoC).
According to the filing, the new funds would be used for expansion and growth. Info Edge has invested a total of Rs 227 crore in the Broker Network in 2022 with this infusion. It’s worth noting that Info Edge has been operating the 99Acres property listing platform since 2005. Following the allotment of this round, Yadav’s share has been reduced to 31.52%. According to estimates, the corporation is worth roughly $185 million (Rs 1,462 crore) (post allotment).
Broker Network funding from Info Edge
4B Networks’ business is to enable real estate developers and brokers to communicate with one another and conduct business using the Broker Network Platform. The company claims to have over 50,000 brokers in its network and to have granted over Rs 1,000 crore in house loans. Loans are made possible by 4B Networks through third-party lenders such as banks and non-banking financial businesses (NBFCs).
The 21-month-old company has yet to disclose its financial accounts for the previous fiscal year (FY22), but in its first fiscal year, Broker Network was in the pre-revenue stage (FY21). While the company had no operating revenue in FY21, it incurred losses of Rs 2.90 crore during the fiscal year. Yadav departed Housing in 2015 after a disagreement with the SoftBank-backed company’s investors. Housing joined with PropTiger in 2017 in an all-stock merger valued at $70–75 million. Yadav also worked with Anarock Technology for four years as a vice president and senior vice president.
Broker Network seems to be a captivating startup with inspiring new development on real rstate platform. This startup would continue to prosper in the future. Wishing this startup good luck in all its future endeavors.Shishir Gupta, Founder and CEO, StartupLanes
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