Bengaluru, India-based prop-tech startup NoBroker, on Tuesday announced that the company has raised $210 million as a part of its Series E funding round led by General Atlantic, Tiger Global Management, and Moore Strategic Ventures. The latest round brings a total valuation of $1.01 billion for NoBroker, making it a unicorn startup of India.
NoBroker offers a tech-based brokerage-free solution for users to buy, sell, and rent properties across six metro cities in India including Bengaluru, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR.
The company has raised a total of $361 million to date. The marquee investors include Elevation Capital, Moore Capital, Beenext, and KTB Ventures.
The company said that the fresh funds will be deployed towards expansion across 50 more Indian cities over the next couple of years. The proceeds from the investment will also back NoBroker in technological development and product function.
NoBroker also offers apartment management software called ‘NoBrokerHood’, for gated societies. The company is planning to scale its presence from 10,000 gated communities to 100,000 – utilising the fresh funds.
Speaking of the development, Amit Kumar Agarwal, Co-founder & CEO, NoBroker, in a statement said,
“We are in a business in which you can’t multiply 10-times within a month by giving cashbacks, but once you have built something, nobody else can snatch it from you within a month, so basically it takes time to get built, but once it is built, it’s a very strong business,”
“In terms of usage of funds, we will be making our technology team much stronger, expanding to 50 cities in the next 2-3 years, and we are going to aggressively invest in our community NoBrokerhood application,” Agarwal added.
Shantanu Rastogi, Managing Director, General Atlantic, shared,
“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,”
Saurabh Garg, Co-founder & Chief Business Officer, NoBroker, stated,
“The buy-sell market has started doing very well. We will be making significant investment in that market over the next four to five years. The segment was pretty much stagnant for 6-7 years before covid-19 because of multiple reasons, whether it is demonetisation, or other issues. But we think the next 4-5 years will be very positive for buying and selling points, for consumption as well as investment,”
“The second wave (of covid-19) wasn’t as bad when it comes to demand (for rentals),” Garg added
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