Housing.com’s founder Rahul Yadav led 4B Networks Pvt. Ltd, which runs proptech startup Broker Network, has raised Rs 90 crore from its existing and only backer Info Edge.
Noida-based Info Edge has invested in the proptech startup via its subsidiary Allcheckdeals India. 4B Networks has issued 1,913 compulsorily convertible preference shares at an issue price of Rs 4,70,465 per share to Allcheckdeals India, according to its latest regulatory filing. Post transaction, Allcheckdeals India will hold a 59.80% stake in Broker Network.
News portal Entrackr reported the development first.
Broker Network plans to use the funds for expansion and growth of the company, it said in the filing.
Founded in 2020 by Yadav, Broker Network runs online and app-based platforms to connect real estate developers and brokers and conduct their businesses. The startup has partnered with Adani Realty, Shapoorji Paloonji Real Estate, Raymond Realty, and Kohinoor Group, among others. According to the company’s website, it has registered more than 1 lakh brokers and listed over 1000 projects.
The platform also lets users list their properties and provides customers with home loan-related services such as home loans. So far, the startup has distributed Rs 4,000 crore in home loans via banks and non-banking financial corporations.
Prior to Broker Network, Yadav cofounded SoftBank-backed Housing.com. He left the startup in 2015 after a spat between the company’s investors. The proptech startup was later merged with PropTiger in 2017. He was also associated with real-estate tech company Anarock Technology for close to four years.
Including the latest investment, Info Edge, the solo backer of Broker Network, has invested close to Rs 227 crore in the startup in multiple tranches. Prior to this, the startup received close to Rs 137 crore from Allcheckdeals.