Real estate platform NoBroker.com, on Wednesday (June 5) said it has raised $51 Mn in Series C funding led by General Atlantic, along with existing investors BEENEXT and SAIF Partners also participated in the round. The company reportedly said that the fresh funds will go into expansion and improving the user experience.
This brings the total funding raised by NoBroker to $71 Mn.
“The latest funding round will support us in our plans to expand our operations. Our objective is to accelerate customer and deal-closure growth and continue delivering value to customers across the country. We will also invest in our home store and financial services products,” said Amit Kumar Agarwal, CEO and cofounder, NoBroker.com.
Founded in 2014 by IIT and IIM alumni Akhil Gupta, Saurabh Garg, and Amit Kumar Agarwal, NoBroker.com provides verified listings from property owners, without brokerage fees for middlemen.
NoBroker.com claims to be the world’s largest peer-to-peer real estate platform. More than 2.5 Mn properties are registered on its platform, which has served over 6 Mn customers. More than 25 Lakh properties are registered on NoBroker.
“We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to create an improved user experience in the large real-estate market in India. We look forward to supporting them in their journey of making real-estate transactions easier and convenient,” said Sharad Bhojnagarwala, vice president, General Atlantic.
Apart from Nobroker.com, General Atlantic has invested in BYJU’s, KIMS Hospitals, Mu Sigma and DMart.
“We have been able to use technology effectively to make transactions faster and low-cost for the end user with the help of machine learning and artificial intelligence. The support provided to us by our investors is a testimonial to our ongoing tech innovation. We plan to use this capital to further innovate and strengthen our ML/AI to make the transactions seamless and quicker,” said Akhil Gupta, CTO and co-founder, NoBroker.com.
Prior to this the Bengaluru-based real estate portal had raised $7 Mn in 2016, as an extension to its Series B funding. This extension round was led by Korean investor KTB Network. Earlier in November 2016, it raised an undisclosed amount of funding from Paytm founder Vijay Shekhar Sharma.