Bengaluru-headquartered real estate platform NoBroker on Wednesday (December 4) marked its entry in Delhi. Since its launch in the city, NoBroker said it has already garnered 62K consumer registrations and over 27K listings on the platform. It has, thus far, facilitated over 1100 deals in the region.
“Delhi NCR is not only the hub for government and administration but is also a centre for major economic activities in North India. It is home to one of the most prominent startup ecosystems and also has a very robust corporate culture,” said Saurabh Garg, CBO and cofounder of NoBroker.
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.
Backed by marquee investors such as Tiger Global, General Atlantic, BEENEXT and SAIF Partners, the company has raised $121 Mn, with over $50 Mn in Series C and Series D funding this year. The company said that the expansion is in line with these funding rounds.
Amit Kumar Agarwal, CEO and cofounder of NoBroker, said, “All our other services such as Packers & Movers, Home Store, home-cleaning, Rental agreement, and NoBroker Pay will also be available to consumers in Delhi-NCR. Delhi-NCR, which is home to an expanding class of digital-first consumers, is indisputably a high-value market for a company like ours.”
Prior to Delhi, NoBroker had been operational in five cities —Hyderabad, Bengaluru, Mumbai, Pune, Chennai and Gurugram — and claimed to add over 280K new users every month.
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. Moreover, the company relies on machine learning and artificial intelligence (AI) to make transactions faster. In the last 12 months, the company claims to have closed more than 180K transactions.
NoBroker claims to have more than 2.5 Mn properties registered on its platform, which has served over 6 Mn customers.
The real estate sector in India is fuelled by rapid urbanisation and rural migration to cities. India has the largest number of proptech startups (77 of 179 funded proptech startups) in Asia-Pacific. The 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.
Update | 12:22, December 4, 2019
The original version of this article was titled ‘NoBroker Expands To Delhi After Over $100 Mn In Funding This Year’.