California-based early-stage venture capital firm Rocketship.vc participated in the round, along with existing investors SAIF Partners and Japan-based BeeNext Ventures. While General Atlantic invested $41.5 million, SAIF Partners contributed $7.5 million to the total sum raised. Following the round, NoBroker’s valuation is estimated to be around $160 million. According to a report by General Atlantic, the latest round brings the total funds raised to $71 million.
General Atlantic VP Sharad Bhojnagarwala lauded the strength of NoBroker’s team along with their tech-driven, relentless focus on improving user experience in India’s large real estate market. Bhojnagarwala said he’s looking forward to supporting the company in its journey to make real estate transactions easy and convenient.
NoBroker CEO Amit Kumar Agarwal said the fresh capital will go towards expanding operations and accelerating customer growth, deal-closure growth, and financial services.
CTO Akhil Gupta underscored the role of technologies like artificial intelligence and machine learning to reduce transaction costs and time for the end user. Gupta added that the investors’ faith is a testament to NoBroker’s innovative technology. He said the capital will support further innovation to enrich user experience. According to Gupta, 70 percent of NoBroker’s revenue is from subscription plans and that’s growing four-fold every year.
Founded by three alumni of the prestigious IIT and IIM in 2014, NoBroker — as the name suggests — was built to cut out the middleman and any brokerage in real estate transactions. Since its inception, the firm has transitioned to a full-stack offering a marketplace, assisting with paperwork, and rental agreements.
The company previously raised $3 million and $10 million in Series A and Series B funding rounds in 2014 and 2016. It raised a further $7.4 million in 2016.
NoBroker is currently processing 15,000 real estate transactions in rentals and sales of both commercial and residential properties every month.