Real estate platform NoBroker.com, the startup improving how millions of people in the nation lease or buy an apartment, became India’s first proptech unicorn after raising $ 210 million from investors, including General Atlantic and Tiger global, to expand its business across 50 cities.
Bangalore-based NoBroker, launched in 2013, has raised the fund at USD 1 billion valuations in its Series E funding round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.
“We have raised USD 210 million funds from investors for our expansion plan,” NoBroker.com Co-Founder Akhil Gupta said.
NoBroker has raised $361 million to date and counts Elevation Capital and Paytm founder Vijay Shekhar Sharma among its investors, at $1 billion, up from about $350 million in April 2020.
Founders dilute stake to raise funds
“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 USD 210 million.
The fund will be utilized for expansion and to fuel growth. The company plans to use the money to penetrate deeper into six cities with a presence and expand operations to 50 cities and expand its society management app NoBrokerHood.
Agarwal did not share the company’s revenue but said it has been growing three times annually. The company aims to become profitable in the next two to three years, he added.
One-stop shop for all real estate query
“We are a one-stop shop for all property-related needs from renting, buying, home services, financial services and social management. We do not charge any brokerage from customers,” Co-Founder Saurabh Garg said.
More than 75 lakh properties are already registered on the portal, 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,” said Akhil Gupta, Founder and Chief Tech & Product officer.
The seven-year-old startup provides a tech-based brokerage-free real estate platform, which allows users to buy and sell as well as rent properties across six metros – Bangalore, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR.
In NoBrokerHood, its community app and marketplace, 10,000 societies have been signed up and the “objective would be to aggressively grow and reach 1 lakh societies in next two years,” Agarwal said.