Online real estate portal NoBroker has raised $210 million in a fresh round of funding co-led by its existing investors General Atlantic and Tiger Global Management along with new backer Moore Strategic Ventures. The deal values the company at $1 billion, helping it become the first prop-tech unicorn in India. NoBroker has raised $361 million so far.
The Bengaluru-based company plans to invest heavily on its society management service app called NoBrokerHood. One of the biggest investment will be on NoBrokerHood. Currently we are in 10,000 societies and our idea is to get to one lakh societies in two years' time. We will be investing very heavily on in NoBrokerHood in years to come," Akhil Gupta, Co-founder and Chief Technology and Product Officer at NoBroker, said.
Interestingly, Tiger Global is also an investor in MyGate, NoBroker's primary rival in apartment management services segment. The two companies were locked in a legal battle over alleged theft of confidential information.
Amit Agarwal, Co-founder and Chief Executive Officer of NoBroker said the company will also invest on geographic expansion, on technology expansion and on its buy and sell business. It currently operates across six cities - Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
Founded in 2013 by Indian Institute of Technology alumni Amit, Akhil Gupta and Saurabh Garg, NoBroker was started as a property listing platform for rentals but gradually entered into a handful segments including buy and sell services; home services such as packers and movers, painting and cleaning; financial services including rent payment, insurance, home loans and community management app with NoBrokerHood.
"NoBroker's digital-first approach to efficiently solve renting, buying, maintenance and related needs for real-estate owners, tenants, buyers, residential societies and developers is paradigm shifting. In the future, NoBroker's product stack will also find relevance in several under-regulated developing markets around the world," Shantanu Rastogi, Managing Director, General Atlantic said.
The company claims to have over 75 lakh properties on the portal. Co-founder Gupta said the company has served 16 million customers till date, and is adding 6 million every year.
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