Real estate platform NoBroker has raised $50 Mn Series D funding round led by Tiger Global. Company’s existing investor General Atlantic had also participated in this round.
According to Amit Kumar, CEO of NoBroker, this current funding will help the company to provide its service to more customers across the country and also accelerate its deal closure growth. Further, the company will also use these funds to grow its sales vertical.
This round brings the total funding raised by NoBroker to $121 Mn. Recently in June, it had raised $51 Mn Series C funding round led by General Atlantic.
NoBroker was founded by Akhil Gupta, Saurabh Garg and Amit 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 currently available in five Indian cities including Hyderabad, Bengaluru, Mumbai, Pune, Chennai and Gurgaon. The company claims to add more than 280K new users every month, along with 70 Lakh uses already registered on the platform.
“NoBroker is augmenting customer experience in the real estate industry with the help of technology. We are using machine learning and artificial intelligence to make transactions faster and low cost for the end user. We are also bringing technology to financial transactions involved in real estate,” said Akhil.
Real Estate Market 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.