India based real estate and renting platform NoBroker raises $50 Million from Tiger Global & others. The round saw the participation of existing backer, private equity firm General Atlantic.
The startup raised its previous round of capital in June. The total capital raised by NoBroker to $121 million.
The deal will double the valuation of the company to about $300-350 million.
NoBroker will use the funding to expand across the 20 Indian cities in the next two years. At present the company operates in six cities.
Founded in 2014 by IIT and IIM graduates Amit Agarwal, Akhil Gupta & Saurabh Garg, NoBroker is a real estate search portal that connects flat owners and tenants directly with each other.
“We are using machine learning and artificial intelligence to make transactions faster and low-cost for the end user. We are also bringing technology to financial transactions involved in real estate,” said Gupta, who is also the CTO of the platform.
Some of the other investors in NoBroker include SAIF Partners, Rocketship.vc and Beenext. Tiger Global had earlier invested in another real estate portal called Commonfloor, which was acquired by Quikr in a stock deal in early 2016.