Real estate platform NoBroker gets $30 mn top-up from General Atlantic

Bengaluru-based Nobroker Technologies Solutions, which owns and operates real estate platform NoBroker, has raised $30 million as part of a Series D funding round from returning investor General Atlantic.

The funding is an addition to the $50 million the company raised in a Series D funding round led by alternative investments firm Tiger Global Management in October. New York headquartered private equity firm General Atlantic participated in this round too.

The latest fundraise takes the total capital raised by the company in Series D to $80 million, it said in a statement.

With this, the company’s valuation jumps 45% to around $400 million, a person familiar with the deal told TechCircle. Its valuation stood at $275 million as on July 31, 2019.

NoBroker plans to use the fresh capital to make transactions more convenient on its platform and expand to more cities, it said. It claims that it has over 85 lakh users and more than 35 lakh properties registered on it.

Since inception, the company has raised a total capital of $222 million.

In June 2019, it raised $51 million in a Series C round led by General Atlantic alongside returning investors, venture capital firms SAIF Partners and Beenext.

“Our growth across verticals tells that our unique model is solving a real customer problem. This funding will help us expand to new cities and also go deeper in the existing cities and service more customers. We will also invest further in our sales vertical,” Saurabh Garg, co-founder and chief business officer, NoBroker, said.

The startup competes with well-funded firms in the segment, such as MagicBricks and 99acres.

With NoBroker’s launch in Delhi-NCR in November 2019, it currently operates across six cities including Mumbai, Bengaluru, Pune, Chennai and Hyderabad.

Garg founded NoBroker with fellow IIT graduates Amit Kumar Agarwal and Akhil Gupta in 2013. It provides solutions for real estate transactions, including rental, sale and purchase of properties. It was one of the first few startups to connect landlords and tenants, without a broker.

The platform also provides allied services such as loans, packers and movers, legal documentation and online rent payment solutions. It recently switched to the freemium model, where users can see some listings for free but have to pay for more exclusive ones.  

Last year, the company acquired Society Connect, which provides apartment management solutions to 500 residential projects, such as DLF, Omaxe, Unitech and Belmonte.