Mumbai, Apr 17th, 2020: Bengaluru-based startup NoBroker raises $30 Million (about Rs 230 crore) in funding led by private equity player General Atlantic.
With this funding round, NoBroker so far raises USD 151 million.
“This USD 30 million investment is an addition to the Series D funding, wherein the company raised USD 50 million or over Rs 615 crore in October last year taking it to USD 80 million. The initial round of Series D funding was led by Tiger Global, and General Atlantic had also participated in it,” the company said in a statement.
The company plans to utilise the funds for expanding to new cities and also go deeper in the existing cities and service more customers.
“We are focused on building India”s largest one-stop platform for all real estate needs. 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,” its CBO and Co-Founder Saurabh Garg said.
Last November, the firm launched its operations in Delhi-NCR and currently operates across six cities including Mumbai, Bangalore, Pune, Chennai, Hyderabad and Delhi-NCR.
In February this year, NoBroker acquired society management and ERP solutions company Society Connect in an all-cash deal to strengthen its visitor and society management app NoBrokerHood.
“We are dedicated to solve a problem that is unique to India and build India”s largest real-estate technology platform that makes transactions affordable and hassle-free. We have been tripling our revenue every year and this funding will help us further improve user experience and enable faster deal closures. We will continue to add value across the user journey with continuous investment,” its CEO and Co-Founder Amit Kumar said.
NoBroker, which has 35 lakh properties registered on the platform, offers a range of services from rental, sale or resale to post transaction services like loan, packers and movers, legal documentation, online rent payment, interiors, among others.
“The company also plans to further invest in its financial services to make them accessible to more people,” he added.