Bengaluru-headquartered real estate platform NoBroker has announced that it has raised $30 Mn in its Series D funding, taking it to $80 Mn totally. The round was led by General Atlantic and earlier, Tiger Global has also invested in the company.
The company has raised $151 Mn funding till date. Amit Kumar, CEO and cofounder of NoBroker said that the company will continue to invest towards the rental marketplace and NoBrokerHood.
The company further said that this funding will help it expand to new cities and also go deeper in the existing cities and service more customers. “We will also invest further in our sales vertical,” 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.
The company said that more than 35 Lakh properties are already registered on NoBroker and more than 85 Lakh individuals have used NoBroker services.
Shantanu Rastogi, managing director, General Atlantic said, “NoBroker’s service and product innovations to improve choice, reduce transactions costs, enhance transparency and deliver convenience are driving significant organic listings and subscriptions on its platform.”
NoBroker had acquired society management and ERP solutions company Society Connect in an all-cash deal in February 2020 to strengthen their visitor and society management app NoBrokerHood.
The tech-enabled security management system NoBrokerHood aims 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 claimed it has gained strong traction in its current cities of operations and the business is currently adding more than 350K new users every month.
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.