IBEF: October 03, 2019
NoBroker.com, a brokerage-free real estate platform had raised around Rs 350 crore (US$ 50 million) in a Series-D funding round led by Tiger Global Management, with participation from existing investor General Atlantic.
This makes the total funding raised by the company to around US$ 121 million. The firm closed a Series-C round of US$ 51 million in June, led by General Atlantic.
Approximately three million properties are registered on NoBroker and around seven million people have used its services. According to Scott Shleifer, partner at Tiger Global, "The team has built a tech-driven C2C (consumer to consumer) business to make residential and commercial real estate transactions convenient and affordable."
The company describes itself as an integrated platform where a customer can easily find the solutions for all steps involved in any real estate transaction.
Its aim is to expand the business to around 20 cities over the next few years. It has presence in Mumbai, Bengaluru, Pune, Chennai and Gurgaon (Gurugram) and recently launched in Hyderabad.
As per Mr. Akhil Gupta, chief technical officer and co-founder, "We are using machine learning and artificial intelligence to make transactions faster and at low cost for the end user. We are also bringing technology to financial transactions involved in real estate."
There are 280,000 users added each month to the company. Mr. Amit Kumar, chief executive and co-founder added, "We are focused on building India's largest real estate technology platform, that makes a transaction affordable and seamless. This current funding will help us provide the service to more customers across the country and accelerate our deal closure growth."
"We will use these funds to expand into new cities and go deeper in the existing ones. We would also be investing more in our sales vertical," said Mr. Saurabh Garg, chief business officer and another co-founder.
The company has also witnessed growth in the resale and first-time sale segments. It has also received partnership from non-bank finance companies for loans and mortgages. It is also planning to sell houses for which it is working with developers to create a platform.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.