[Funding alert] Real estate startup NoBroker raises $51M in Series C funding led by General Atlantic
Technology-based real estate startup NoBroker on Wednesday announced that it has raised $51 million as a part of its Series C round led by General Atlantic and included participation from existing investors SAIF Partners and BEENEXT. With this round, the total funding raised by NoBroker stands at $71 million.
According to CEO and Co-founder of NoBroker Amit Kumar, the current funding round will help NoBroker expand its operations and help in accelerating customer as well as deal-closure growth.
In addition, the money will be invested to grow NoBroker’s home store and financial services offering.
NoBroker Pay, which was launched in January this year, allows tenants to pay through cards, UPI, wallets, and net banking.
Founded by IITians Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014, NoBroker 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. In addition, the company claims that more than 60 lakh individuals have used NoBroker services.
Speaking on the fund raise, Saurabh Garg, Chief Business Officer and Co-founder of NoBroker, said,
“This funding comes at a time when we are already seeing huge traction. This funding round will help us reach more people across cities and go deeper in current cities to become the preferred choice for any real estate transaction in India. We believe that with our differentiated technology and product, we will continue to enhance the experience for users of our platform.”
Although NoBroker had initially started with a product that sought to improve the experience for customers in residential leasing, four months back it forayed into residential resale and commercial properties.
Sharad Bhojnagarwala, Vice President, General Atlantic, commented,
“We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to create an improved user experience in the large real estate market in India. We look forward to supporting them in their journey of making real estate transactions easier and convenient.”
In 2017, NoBroker had launched Home Store services, which is a one-stop shop for the services that are required for a customer while completing a real estate transaction, including loans, packers and movers, legal documentation, among others.
“With increasing digital penetration, a new creed of real estate customers has emerged in India that wants transactions to be convenient and fast. We are extremely proud of the way NoBroker has built a tech-driven business that serves these real estate customers across their home and related financial service needs,” added Mayank Khanduja, Principal at SAIF Partners.
Akhil Gupta, CTO and Co-founder of NoBroker, also added that NoBroker will further innovate and strengthen its ML and AI capabilities to make the transactions seamless and quicker.
Teru Sato, Founder BEENEXT, said,
“This reinforces my conviction that NoBroker is transforming the real estate industry and is seeking to change the way everyone looks at real estate transactions.”
This year, NoBroker also launched 'NoBrokerhood', a gate management software and app, which the company looks to grow with this funding.
NoBroker currently operates an end-to-end transaction model in five cities: Mumbai, Bengaluru, Pune, Chennai, and Gurgaon.