Broker Network raises Rs 90 crore from Info Edge

Housing.com’s Founder Rahul Yadav’s proptech startup Broker Network has raised another Rs 90 crore from its existing and sole investor Info Edge, giving Info Edge’s subsidiary Allcheckdeals India a controlling 59.8% stake in Broker Network.

The board at Broker Network’s parent 4B Networks has passed a special resolution to issue 1,913 CCPS at an issue price of Rs 4,70,465 per share to raise Rs 90 crore by Allcheckdeals India Private Limited. The company is estimated to be valued at around $185 million post allotment.

The fresh proceeds will be used for expansion and growth. Broker Network runs online and app-based platforms to connect real estate developers and brokers and conduct their businesses. 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. The startup has partnered with Adani Realty, Shapoorji Paloonji Real Estate, Raymond Realty, and Kohinoor Group, among others. The company has registered more than 1 lakh brokers and listed over 1000 projects.

4B Networks is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. 4B Networks facilitates loans through third-party lenders such as banks and non-banking financial corporations (NBFCs).