NoBroker.com raises $51 million in Series C funding led by General Atlantic
Tech based Brokerage-free Real Estate platform, NoBroker.com announced that it has raised $51 million in Series C Funding led by General Atlantic and included participation from existing investors SAIF Partners and BEENEXT
Tech based Brokerage-free Real Estate platform, NoBroker.com announced that it has raised $51 million in Series C Funding led by General Atlantic and included participation from existing investors SAIF Partners and BEENEXT. This brings the total funding raised by NoBroker to $71 million. The platform aims to transform the online real estate industry by improving user experience and making transactions more convenient and affordable. It already has more than 25 lakh properties registered and more than 60 lakh individuals have used NoBroker services.
Sharad Bhojnagarwala, Vice President, General Atlantic, said, “We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to create an improved user experience in the large real estate market in India. We look forward to supporting them in their journey of making real estate transactions easier and convenient.”
The platform had started as product that sought to improve the experience for customers in residential leasing and expanded to residential resale and commercial properties. It also launched Home Store services which is a one-stop shop for the services that are required for a customer while completing a real estate transaction including loans, packers and movers, legal documentation, amongst others.
The platform aims to use the new funds to expand its operations. "This current funding round will support us in our plans to expand our operations. Our objective is to accelerate customer and deal-closure growth and continue to deliver value to customers across the country. We will also invest in our home store and financial services products," said Amit Kumar, CEO and Co-Founder of NoBroker.com.
Mayank Khanduja, Principal at SAIF Partners, said, "With increasing digital penetration, a new creed of real estate customers has emerged in India that wants the transaction to be convenient and fast. We are extremely proud of the way NoBroker has built a tech-driven business that serves these real estate customers across their home and related financial services needs."
Teru Sato, Founder BEENEXT, said, “This reinforces my conviction that NoBroker is transforming the real estate industry and is seeking to change the way everyone looks at real estate transactions.”
NoBroker currently operates an end-to-end transaction model in five cities: Mumbai, Bangalore, Pune, Chennai and Gurgaon.
Saurabh Garg, CBO and Co-Founder of NoBroker.com, said, “This funding comes at a time when we are already seeing huge traction. This funding round will help us reach more people across cities and go deeper in current cities to become the preferred choice for any real estate transaction in India. We believe that with our differentiated technology and product, we will continue to enhance the experience for users of our platform.”