NoBroker onboards Google in extended Series E round

Bengaluru: Proptech unicorn NoBroker has raised $5 million from technology giant Google in an extended Series E round, through which it had earlier secured $210 million of funding in November 2021.

The investment has been made from Google’s $10 billion India Digitization Fund, which was announced by CEO Sundar Pichai in 2020. Google joins NoBroker’s existing investors General Atlantic, Tiger Global and Moore Strategic Ventures in the Series E round.

NoBroker, which had turned a unicorn after raising capital in 2021, has raised the new funding at a similar $1 billion valuation. With this, NoBroker, which is the first proptech unicorn in the country, has raised $366 million till date.

Bengaluru-based NoBroker caters to property-related needs from renting, buying, selling, home services, financial services, to society management services through NoBrokerHood. It is India’s first proptech unicorn.

NoBroker’s fund-raise comes at a time when the real estate sector is witnessing a bull run, where home prices and rents have both been on a rise, and residential sales have seen unusual momentum after the pandemic.

“We will leverage the partnership with Google to build some unique solutions, with a focus on growing NoBrokerHood. This is the first proptech investment by Google in India, and is a great testimonial to the product we have built,” Akhil Gupta, co-founder and chief technology and product officer of NoBroker.com.

The nine-year-old firm plans to reach 1 lakh societies through NoBrokerHood in the coming years.

NoBroker, which operates on a zero brokerage model, also offers value added services such as packers and movers, legal documentation, home loans, online rent payment among others. It currently operates across six cities: Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune. NoBrokerHood operates in five additional cities- Kolkata, Coimbatore, Ahmedabad, Jaipur, and Lucknow.

“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. We have seen increasing demand for people wanting to rent and buy houses in gated communities. It is an opportune time to build solutions that would elevate society living experience for residents and this partnership will help us achieve this goal faster,” said Saurabh Garg, co-founder and chief business officer at NoBroker.com.