2 min read.Updated: 23 Nov 2021, 04:06 PM IST Edited By Vivek Punj
Reaching the $1 billion valuation within eight years of commencing operations, NoBroker will use the proceeds from the latest funding round to expand its business across 50 cities in India
Listen to this article
NoBroker, a platform that helps tenants to connect directly with property owners, has become the latest entrant to the unicorn after raising $210 million ( ₹1,575 crore) from investors on Monday. With this, the Bengaluru-based company has become the first player in the real estate technology sector in the country.
“We have raised $210 million fund from investors for our expansion plan," said NoBroker Co-Founder Akhil Gupta after the fundraise.
Reaching $1 billion valuation within eight years of commencing operations, NoBroker will use the proceeds from the latest funding round to expand its business across 50 cities in India. The Series E funding round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures. With this latest funding round, the company has so far raised $361 million.
“We founders have diluted stake to raise funds, but we have the control," NoBroker.com Co-Founder and CEO Amit Agarwal said when asked about the dilution of stake to raise $210 million.
The fund will be utilised for expansion and to fuel growth. NoBroker intends to use the money to increase its foothold in six cities where it is present, as well as expand operations to 50 cities and bolster its society management app NoBrokerHood.
Agarwal did not divulge details about the company's revenue but mentioned it has been growing at three times annually. The company aims to become profitable in the next two-three years, he added.
“We are a one-stop shop for all property related needs from renting, buying, home services, financial services and society management. We do not charge any brokerage from customers," Co-Founder Saurabh Garg said.
NoBroker currently operates in six cities, including Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. The proptech portal already has more than 75 lakh properties listed on its platform and more than 1.6 crore individuals have used NoBroker services.
“The latest round of funding will help us further build our technology prowess and further invest in our home services and financial services," Gupta said.
NoBrokerHood, the company's community app and marketplace, features 10,000 societies and the “objective would be to aggressively grow and reach 1 lakh societies in next two years," Agarwal said.
Garg said the current funding will help the company to reach out to more customers across current and new cities and help in streamlining the entire real estate journey from searching to shifting into your house to even managing your society living seamless with the help of technology.
NoBrokers.com was founded by Akhil Gupta from IIT-Bombay, Amit Kumar Agarwal from IIT-Kanpur and IIM-Ahmedabad, and Saurabh Garg from IIT- Bombay and IIM–Ahmedabad.
(With PTI inputs)
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!