NoBroker, a technology driven real estate startup has bagged $51 million (approx ₹360 crore) in Series C round funding led by General Atlantic. The round included participation from existing investors SAIF Partners and BEENEXT as well.
Whereas, the total funding raised by NoBroker till date, stands at $71 million.
The startup intends to use the funds in order to grow NoBroker’s home store and financial services offering. Also, the firm has launched ‘NoBrokerhood’, a gate management software and app, which the company aims to grow with this funding.
NoBroker was founded by Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014. It is a tech-based brokerage-free real estate platform that connects flat owners and tenants directly with each other.
At present, the platform claims to have an inventory of more than 25 lakh properties registered. Also, the company claims that more than 60 lakh individuals have used NoBroker services.
Simply, it is an online real estate listing platform to buy and rent properties. It also offers other services like rental agreement, rent payments.
The company does not charge any brokerage from either parties but offers service packages ranging from Rs 999 to Rs 5,999 for other services.
“As much as 70% of our revenue comes from subscription plans where we connect owners and tenants or buyers and sellers,” said Akhil Gupta, co-founder of NoBroker.
Gupta further said that the company is growing its revenue by four times every year and for the fiscal year 2018, its revenue from operations stood at Rs 8.6 crore on a loss of Rs 31.4 crore.
While, General Atlantic is a US-based leading global growth equity firm providing capital and strategic support for growth companies.
Established in 1980, the multinational company, combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build exceptional businesses worldwide.