[Funding alert] Real estate startup NoBroker raises $30M from General Atlantic
This is an extension to its Series D funding round of $50 million in October 2019, which was led by Tiger Global. General Atlantic had also participated in that round.
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Bengaluru-based online real estate rental startup has raised $30 million as part of its Series D funding round led by Singapore-based private equity firm General Atlantic.
General Atlantic had invested $51 million in NoBroker’s Series C in June 2019 and four months later, it participated in another Series D funding round of $50 million led by Tiger Global in the startup.
According to RoC filings accessed by YourStory, General Atlantic has become the largest stakeholder in NoBroker with this capital infusion. It now holds 30.89 percent stake in the company while SAIF Partners and Tiger Global control 20.08 percent and 10.17 percent stake respectively.
Founders of NoBroker
This February, NoBroker announced its first acquisition of Gurugram-based apartment management solution Society Connect in an all-cash deal. As a part of the acquisition, the founders and 28 employees of Society Connect have joined NoBroker’s own visitor and community management app, NoBrokerHood.
This month, NoBrokerHood also launched grocery services on its app to enable society residents to order daily essentials at their doorstep in wake of the lockdown due to the COVID-19 pandemic.
The company has already started delivering groceries in cities like Bengaluru, Pune, Chennai, and Hyderabad, and plans to extend the service to other cities, including Delhi and Mumbai.
Founded by IITians - Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014, NoBroker is an integrated platform where customers can find solutions for real estate transactions, ranging from rental, sale or resale to post transaction services like loan, packers and movers, legal documentation, online rent payment, interiors, etc.
NoBroker launched its operations in Delhi-NCR in November 2019 and currently operates across six cities including Mumbai, Bengaluru, Pune, Chennai, Hyderabad, and Delhi-NCR.
More than 35 lakh properties are already registered on NoBroker and more than 85 lakh individuals have used NoBroker services. The company claims that more than 75,000 new listings are being added every month on its platform. The firm also said it is currently adding more than 350,000 new users every month.
Note: This funding amount has changed from $29 million to $30 million in this article after receiving the official confirmation from the company.