Nepal-based real estate marketplace Basobaas.com has raised an undisclosed amount as seed funding round from Emerging Classifieds Ventures, an Australian operator specialised in real estate and automotive marketplaces in early-stage emerging markets.
The latest procced will be used to scale up its operation and reach the new market within Nepal. Besides, the startup will hire talents across the division to move to the next stage.
Basobaas.com was founded in 2016 by Binit Sharma to address the different pain and friction points in the Nepalese real estate market. It is first and largest real estate classifieds marketplace in Nepal that offers local buyers and sellers a platform to search and find their next home in the country.
Co-founder and Chairman Binit Sharma said, “This funding by Emerging Classifieds Ventures, with their experience in similar markets around the world in Asia, Africa 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,” he added.
With a population of 30 million people, Nepal real estate market is booming fast. Despite the local natural risks such as earthquakes, the country has two main hubs that are Kathmandu, with its fast-growing 5 million population in the whole area, and Pokhara, with nearly 2 million people in its whole urban area.
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.
The startup will further leverage ECV’s expertise to better address the needs of more than 1,000 agents in Kathmandu only and around 2,000 in the whole country.