MAM
NoBroker.com adds $30 mn to series D from General Atlantic
MUMBAI: NoBroker.com today announced that it has added USD $30 million to its series D funding taking it to $80 million. This brings the total funding raised by NoBroker to USD $151 million. The round was led by General Atlantic. This is an extension to its series D funding round of $50 million in October 2019 which was led by Tiger Global and General Atlantic had also participated in that round.
NoBroker.com is seeking to improve user experience in the real estate industry by making transactions more convenient and affordable. More than 35 lakh properties are already registered on NoBroker and more than 85 lakh individuals have used NoBroker services.
General Atlantic MD Shantanu Rastogi said, “NoBroker's service and product innovations to improve choice, reduce transactions costs, enhance transparency and deliver convenience are driving significant organic listings and subscriptions on its platform. NoBroker Pay, NoBroker Hood, NoBroker Home Services and several such innovations are deepening the engagement of owners, tenants, buyers and community residents with its platform making it a go-to-destination beyond its core offering of rental and sale transactions. We are excited to back Akhil, Amit and Saurabh in strengthening their leadership position in this huge segment.”
NoBroker is a one-stop shop for the entire real estate transaction journey ranging from rental, sale or resale to post transaction services like loan, packers and movers, legal documentation, online rent payment, interiors etc.
NoBroker launched its operations in Delhi-NCR in November 2019 and currently operates across six cities including Mumbai, Bangalore, Pune, Chennai, Hyderabad and Delhi-NCR. NoBroker had acquired society management and ERP solutions company Society Connect in an all-cash deal in February 2020 to strengthen their Visitor and Society Management app NoBrokerHood, making it a single app that any society would need.
“NoBroker is making the entire real-estate transaction journey seamless with the help of technology. The huge amount of data we generate on the platform helps us to use machine learning and artificial intelligence leading to faster closures and customise offerings for every customer. The support provided to us by our investors is a testimonial to our ongoing tech innovation. We will further invest in our financial services to make them accessible to more people,” said NoBroker.com CTO and co-founder Akhil Gupta.
Focus on making the entire transaction easy and affordable for the customers has ensured that NoBroker has gained strong traction in its current cities of operations and the business is currently adding more than 350,000 new users every month.
“We are dedicated to solve a problem that is unique to India and build India’s largest real-estate technology platform that makes transactions affordable and hassle-free. We have been tripling our revenue every year and this funding will help us further improve user experience and enable faster deal closures. We will continue to add value across the user journey with continuous investment in our home store and NoBrokerHood,” said NoBroker.com CEO and co-founder Amit Kumar.
NoBroker.com CBO and co-founder Saurabh Garg said, “We are encouraged by the confidence that General Atlantic has placed in us. We are focused on building India’s largest one-stop platform for all real estate needs. Our growth across verticals tells that our unique model is solving a real customer problem. This funding will help us expand to new cities and also go deeper in the existing cities and service more customers. We will also invest further in our sales vertical."
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