Real estate marketplace NoBroker has raised INR 1,563 crores ($210 million U.S.) in a Series E funding round led by multiple investors.
According to a report, the latest funding round has taken NoBroker’s valuation to $1 billion, making the Bengaluru-based company the first real estate startup to achieve unicorn status. The Series E round was led by Tiger Global, General Atlantic and Moore Strategic Ventures, among other existing investors.
General Atlantic had previously invested $30 million in the Series D funding round, which took NoBroker’s valuation to $350 million. NoBroker has since expanded to more cities and added a host of new offerings, including ‘NoBroker Pay’, a rental payment service, and NoBrokerhood, a community management site.
NoBroker is hoping to use the proceeds from the latest round for expansion into 50 more cities in the next two years. “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 co-founder Saurabh Garg.
“NoBroker’s digital-first approach to efficiently solving renting, buying, maintenance and related needs for real estate owners, tenants, buyers, residential societies, and developers is paradigm-shifting,” said Shantanu Rastogi, managing director of General Atlantic.
The investment in NoBroker signals sustained recovery in India’s real estate ecosystem after a prolonged downturn coupled with financial impact of the pandemic. Community site MyGate entered the classifieds business with MyGate Homes and later partnered with leading real estate marketplace Housing.com for joint operations. The latter has also partnered with Singapore-based Homzhub for remote property management services.
Founded in 2014 and headquartered in Bengaluru, NoBroker, as the name suggests, is a customer-facing real estate portal geared towards connecting owners and tenants directly, without intermediaries. It boasts 200,000 new listings, 3 million customers served and around $17.6 million brokerage payments saved monthly, on average. The company registered 250% year-over-year growth in revenue in FY2020.