NoBroker raises around Rs 1,575 crore to become India's first proptech unicorn
The round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures, the company said.
The company will invest also in growing its NoBrokerHood base
Real-estate platform NoBroker.com has raised $210 million (Rs 1,575 crore) in a round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures at a $1-billion valuation, to become India’s first unicorn in proptech.
It will use this latest fund to expand its business across 50 cities, a top company official said on Tuesday.
The Bengaluru-based company is a one-stop shop for all property related needs--from renting and buying to home services, financial services and society management. More than 75 lakh properties are registered on the portal and more than 1.6 crore individuals have used its services.
With this latest infusion, the platform has raised $361 million in total. It was founded in 2013 with seed money from Elevation Capital.
“We are currently present in six cities and want to expand to 50 cities, including Kolkata and Ahmedabad, in the next two years. We would be investing in products and technology to offer more services to our customers such as buy and sell, financial services including home loan and insurance businesses. We also intend to increase the base of our NoBrokerHood society management platform from around 10,000 societies to 100,000 societies,” Akhil Gupta, co-founder and chief technology officer at NoBroker.com told Moneycontrol.
“We are humbled by the confidence shown to us by global investors such as General Atlantic, Tiger Global and Moore Capital,” said Amit Agarwal, co-founder and chief executive officer of NoBroker.com.
Agarwal added, “One of the key uses of this fund-raise will be to invest in NoBrokerHood, our community app and marketplace.”“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