NoBroker.com raises USD 210 million in Series E to become the first Proptech unicorn
Mumbai: NoBroker.com, India’s largest real estate platform that is 100% brokerage free has bagged $210 million in funding in its latest round. The company is a one stop shop for all property related needs from renting, buying, home services, financial services and society management. With this funding NoBroker has now become the first Proptech unicorn in India. This brings the total funding raised by NoBroker to USD $361 million. The round was led by General Atlantic, Tiger Global Managementand Moore Strategic Ventures.
NoBroker.com has consistently endeavored to improve user experience for customers across aspects of real estate transactions journey ranging from rental or outright sale to value added services like home loans, packers and movers, legal documentation, online rent payment, and a lot more. With its zero brokerage USP, it has made the process more convenient and affordable for the customers. It currently operates across six cities: Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
Shantanu Rastogi, Managing Director, General Atlantic said, “NoBroker’s digital-first approach to efficiently solve renting, buying, maintenance and related needs for real-estate owners, tenants, buyers, residential societies and developers is paradigm shifting. Focused execution with a customer-first mindset of the founders bodes well for NoBroker’s continued penetration in this market solving for the toughest problems. In the future, NoBroker’s product stack will also find relevance in several under-regulated developing markets around the world. We are excited to be part of NoBroker’s continued success.”
James McIntyre, Senior Managing Director & COO at Moore Strategic Ventures said, “The NoBroker team has already improved the home rental and transaction process for millions of consumers, and now they are bringing the same compelling user experience to a variety of other services in the home ownership and rental journey. We are excited to begin a partnership with NoBroker as they build India’s premier real estate technology platform.”
More than 75 lac properties are already registered on the portal and more than 1.6 crore individuals have used NoBroker services.
“NoBroker is building India’s largest one-stop shop for all Real Estate needs. The latest round of funding will help us further build our technology prowess and further invest in our home services and financial services. We use machine learning and artificial intelligence to make the entire process hassle-free and transactions economical for the end user”, said Akhil Gupta Co-founder and Chief Technology and Product Officer at NoBroker.com.
NoBroker has become a market leader in many of the home services and financial services that they offer along with the core real estate transactions. NoBroker was launched in 2013 and raised a seed round led by Elevation Capital.
“We are humbled by the confidence shown to us by global investors such as General Atlantic, Tiger Global and Moore Capital. One of the key uses of this fund-raise will be to invest in NoBrokerHood, our community app and marketplace. We have signed 10,000 societies till now and the objective would be to aggressively grow and reach 1 lakh societies in next two years,” said Amit Agarwal, Co-founder and Chief Executive Officer of NoBroker.com.
“We are incredibly delighted to announce this news as the latest round and the unicorn status is a big pat on our backs. The current funding will help us reach out to more customers across current and new cities and help us streamline the entire real estate journey from search to shifting into your house to even manage your society living seamless with the help of technology. We are seeing an upward trend in the property buying segment and this funding will help us deepen our investments in resale and primary sale verticals,” said Saurabh Garg, Co-founder and Chief Business Officer of NoBroker.com.