With the new funding round, Info Edge, which is a subsidiary of Allcheckdeals India, now has a 59.8 per cent stake in Broker Network, with Yadav diluting a 31.52 per cent stake in the company
Real estate start-up Broker Network has reportedly raised Rs 90 crore from Info Edge in a new funding round. The prop-tech start-up will utilise these funds to expand its portfolio. Broker Network is owned by Rahul Yadav, the founder of another real-estate platform, Housing.com. He left Softbank-backed Housing.com in 2015 following a spat with the investors.
With the latest funding round, Info Edge, a subsidiary of Allcheckdeals India, now has a 59.8 per cent stake in Broker Network, according to a report by Entrackr. Yadav has diluted his 31.52 per cent stake in the company.
Info Edge invested Rs 227 crore in Broker Network in 2022 and is the sole investor in the prop-tech start-up currently. It also runs another real estate and property listing platform, 99acres, since 2005.
According to the media report, Broker Network's parent company, 4B Networks, passed a special resolution to issue 1,913 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 4,70,465.24 per share to raise Rs 90 crore from Allcheckdeals India.
Incorporated in November 2020, 4B Networks has over 50,000 brokers listed on its platform. It has disbursed more than Rs 1,000 crore in loans via banks and non-banking financial corporations (NBFCs).
98.91 per cent of Zomato's shareholders were in favour of Bikhchandani's continuing on the board of directors of the food delivery platform
Founded in 2017, Bike Bazaar caters to providing financial services to two-wheeler customers. The platform also has a facility to provide loans for used two-wheelers and electric two-wheelers
