NoBroker gets $30 million more from General Atlantic in Series D round

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Online real estate startup NoBroker has said it has raised $30 million (Rs 230 crore) in its series D round of funding led by General Atlantic. The investor picked up an additional 33,187 shares in the company, paying a premium of Rs 65,115 a piece, regulatory filings accessed from the ministry of corporate affairs show.

As part of the series D round that started in 2019 last year, the brokerage-free property company raised now $151 million from General Atlantic and Tiger Global. Its other major investors include SAIF Partners and Beenext.

“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 CEO Amit Kumar said.

The company also aims to expand into new cities, bring in more listings in every city and also strengthen the sales vertical.

In a statement, the company said it aimed to improve user experience in the real-estate industry by making transactions more convenient and affordable.

More than 35 lakh properties are registered on NoBroker and more than 85 lakh individuals have used the service, it said.

“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,” said Shantanu Rastogi, Managing Director, General Atlantic.

Moneycontrol wrote on April 8 that the Bengaluru-based company had reported a net loss of Rs 46.5 crore in the financial year 2019, up 48% from Rs 31.3 crore the previous last year. It reported a 55% jump in revenues for FY 2019 at Rs 21.6 crore from Rs 13.9 crore in the previous year.

The startup founded by Kumar, Akhil Gupta and Saurabh Garg in 2014 is attempting to disrupt the real estate market by using technology and taking property listings online, thereby removing middlemen from the system. It competes with players such as Magicbricks, 99Acres and Housing.