[Funding alert] Within four months of raising its previous round, NoBroker raises $50 M in Series D led by Tiger Global
Technology-based real estate startup NoBroker.com on Wednesday announced that it has raised $50 million 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. The latest round of fund raise comes within four months of the startup raising $51 million in Series C round, which was led by its existing investor.
Speaking to YourStory on the fresh round of funding, Saurabh Garg, CBO and Co-founder of NoBroker said, 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.
Currently, the platform 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.
Founded in 2014 by Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg, 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.
“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.
Speaking on the investment, 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.”
In terms of growth, NoBroker is adding close to 1.5 lakh new properties to its platform every month. While 85 percent of these properties listed are for rentals, the remaining 15 percent are up for purchase.
The platform is also seeing about 2.8 lakh new registrations every month. Further, it witnesses close to 15,000 to 18,000 transactions every month, which includes either renting a new property or buying one, the founders said.
Sharad Bhojnagarwala, Vice President, General Atlantic, commented, “We continue to believe in the strategy and vision of the NoBroker management team, are excited by the quality of their execution, and look forward to supporting them in their journey.”
The startup is now gunning to close 20,000 to 25,000 transactions every month by the end of FY20.
(Edited by Suman Singh)