NoBroker, a tech-based real estate startup, has raised $50 million (approx ₹355 crore) as part of its series D funding led by Tiger Global Management, along with its existing investor General Atlantic. With this funding, NoBroker.com has raised a total of $121 million in equity funding, cited Yourstory.
Saurabh Garg, CBO and Co-founder of NoBroker said that the startup is looking to go deeper into existing geographies, launch its services in newer cities across India and accelerate the growth of its existing services portfolio.
NoBroker was founded by Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014. The tech-based realty platform NoBroker is an integrated platform where customers can find solutions for real estate transaction. Transactions ranging from rental or outright sale to value added services like loan, packers and movers, legal documentation, online rent payment, among others, are provided by the NoBroker Home Store.
Currently, the platform NoBroker operates in six cities, including Mumbai, Bengaluru, Pune, Chennai, Hyderabad, and Gurugram. The company is looking to launch its operations in Delhi-NCR, Kolkata, and Ahmedabad in the next six to eight months.
NoBroker is also looking to expand its presence across the top 20 cities in India in the next two to three years.
“We are focused on building India’s largest real estate technology platform that makes a real estate transaction affordable and seamless. This current funding will help us provide the NoBroker service to more customers across the country and also accelerate our deal closure growth. We will continue to add value across the user journey with continuous refinement of our home store and financial services products,” Amit Kumar, CEO and Co-founder, NoBroker.com, said.
According to the company, more than 30 lakh (or 3 million) properties have already registered on NoBroker and more than 70 lakh (or 7 million) individuals have used its services, since the inception.
Scott Shleifer, Partner, Tiger Global Management said, “NoBroker team has built a tech-driven C2C business to make residential and commercial real estate transactions convenient and affordable. We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to solve end-to-end transactions in the large real estate market in India.”
The platform claims to be taking about 2.8 lakh new registrations every month.
While, the founder said that the platform witnesses close to 15,000 to 18,000 transactions every month, which includes either renting a new property or buying one.
Across realty business verticals, other startups under the similar roof include Nestaway, Proptiger, 99Acres, and MagicBricks.