Rental ecommerce Nobroker has raised $10 Mn in fresh funding from Singapore-based investment firm General Atlantic.
According to the ministry of corporate affairs filing of October 25, 2019, accessed by Inc42, General Atlantic has been allotted 10,881 Series C2 compulsorily convertible preference shares (CCPS) for INR 70,86,34,047 ($10 Mn) at INR 65,115.82 premium account per share.
The Series C2 funding from General Atlantic comes a few weeks after NoBroker announced its Series D. NoBroker raised $50Mn funding in a round led by Tiger Global, where General Atlantic had also participated. Inc42 has reached out to the company seeking clarification for the same.
Previously, in June 2019, the company had raised $51 Mn in Series C round led by General Atlantic. Other investors included BEENEXT and SAIF Partners. Till now, NoBroker has raised $ 121 Mn.
Founded in 2014 by Akhil Gupta, Saurabh Garg and Amit Kumar, NoBroker is a real estate rental platform that provides verified listings from property owners, without brokerage fees for middlemen. Moreover, the platform also offers other services like rental agreements, movers and packers services, special packages for NRIs, relocation services for corporates, home loans for buyers and more.
The company had also launched a tech-enabled security management system NoBrokerHOOD app to simplify visitor management within residential accommodations — buildings, housing societies and gated communities.
NoBroker currently operates in five cities —Hyderabad, Bengaluru, Mumbai, Pune, Chennai and Gurgaon — and claims to add over 280K new users every month. The company, in its official statement for Series D funding, added that it has over 70 lakh users on its platform.
Moreover, the company relies on machine learning and artificial intelligence (AI) to make transactions faster, added cofounder Gupta.
With rapid urbanisation and technology development, the migration rate is increasing, especially to Tier 1 cities, which are seen as a hub for better education and job opportunities. Looking at this, Indian startups have been moving towards the proptech sector to cash in on the migration. India has the largest number of proptech startups in Asia-Pacific region.
India is home to over 77 funded proptech startups, out of a total of 179 in the Asia-Pacific region. The growth doesn’t stop there. Real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025.