Real estate startup NoBroker is reportedly in talks to raise a $100 – $130 Mn funding round from Tiger Global and General Atlantic, according to a media report which cited anonymous sources.
This new round is expected to value the company at $400 Mn, the report added. Till now, NoBroker has raised a total funding of $71 Mn. Recently in June, it had raised $51 Mn Series C funding round led by General Atlantic.
An Inc42 query sent to NoBroker did not elicit a response till the time of publication.
In 2016, NoBroker had raised $10 Mn in Series B round of funding, led by BEENEXT and Digital Garage, along with other investors such as BEENOS, SAIF Partners, Qualgro and Mamoru Taniya (of Asuka Holdings). Later, the company raised another $7 Mn as an extension to its Series B round led by Korean investor KTB Network. Existing investors SAIF Partners, BEENEXT, and Digital Garage also participated in the extension round.
NoBroker was founded by Akhil Gupta, Saurabh Garg and Amit Kumar Agarwal in 2014. The platform provides verified listings from property owners, without brokerage fees for middlemen. Further, the platform also offers services such as rental agreements, movers and packers services, special packages for NRIs, relocation services for corporates, home loans for buyers and more.
Recently, NoBroker has also launched the NoBrokerHOOD app, which is a tech-enabled security management system to simplify visitor management within residential buildings, housing societies, and gated communities.
NoBroker platform is available in five Indian cities including Hyderabad, Bengaluru, Mumbai, Pune, Chennai and Gurgaon. As of August 2019, NoBroker claimed to be serving over 6.5 Mn customers. The platform is said to be adding 3 lakh monthly customers and witnessing 20 lakh customer connections every month. The number of successful transactions on the platform are said to be 18K a month.
Real Estate Sector In India
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.
Last week, another real estate company Square Yards raised $20 Mn equity funding round from a clutch of investors including Bennett Coleman & Co Limited (BCCL), Genkai Capital, and others. Also in August, Delhi-NCR based real estate marketplace Clicbrics raised $3 Mn in a Pre-Series A funding round led by former Tiger Management Lieutenant Manny Singh of Kavi Fund.
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.