NoBroker.com, real estate platform, that is 100% brokerage-free has now 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 $361 million. The round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.
Founded in 2014 by Akhil Gupta, Saurabh Garg and Amit Kumar, NoBroker is a proptech platform that provides verified listings from property owners, home loans and home services; it also owns a classified marketplace called NoBrokerHood
With its zero brokerage USP, it has made the process more convenient and affordable for customers. It currently operates across six cities: Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
NoBroker's digital-first approach
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.”
Funding to be used to build tech, invest in home services
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. ”
“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 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
