Basobaas.com, the largest online real estate marketplace of a nation, just secured an undisclosed seed funding round from Emerging Classifieds Ventures.
Basobaas.com was founded in 2016 by a team of friends and family in Kathmandu, Nepal, to address the different pain and friction points in the Nepalese real estate market. Most of local agents and agencies still rely on excel spreadsheets, paper forms and were not using a proper system to manage and market their inventory of properties in the country. With a population of 30 million people, Nepal real estate market is booming fast, despite the local natural risks such as earthquakes, with two main hubs that are Kathmandu, with its fast growing 5 million populations in the whole area, and Pokhara, with nearly 2 million people in its whole urban area. All its neighboring countries
Basobaas.com just secured a seed funding round from Emerging Classifieds Ventures, an Australian operator specialized in real estate and automotive marketplaces in early stage emerging markets. They will leverage their expertise to professionalize the local team of 20 people made of tech developers, social media marketers and sales agents, in order to better address the needs of more than 1,000 agents in Kathmandu only and around 2,000 in the whole country.
Co-founder and Chairman Binit Sharma said, “We are the first to offer a modern and clean approach to an online real estate marketplace in Nepal. This funding by Emerging Classifieds Ventures, with their experience in similar markets around the world in Asia (like Cambodia with KhmerHome.com ), Africa (with African PropertyGroup ) or the Pacific, is a great way for us to leverage from their expertise and move to the next stage. We have been working on various business models, from advertising to home-flipping, and are now in shape to better monetise our audience and get closer to the transaction, as our partners are doing in other emerging markets.”
Basobaas.com is already working with top property developers in Kathmandu in order to decrease their sale cycle time and get better profitability on their new property developments. Currently, Basobaas.com is the largest social media community in the country about real estate with almost 300,000 people following them.
About Basobaas.com – The first and largest real estate classifieds marketplace in Nepal. Basobaas.com offers local buyers and sellers a platform to search and find their next home in the country, and inform them about the latest news in the local market.