NoBroker lands $210 mn to become India’s first proptech unicorn

 NoBroker lands $210 mn to become India’s first proptech unicorn

NoBroker Technologies Solutions Pvt. Ltd said Tuesday it has raised $210 million in a Series E funding round that catapulted its valuation to $1 billion, pushing it into the unicorn club of technology startups.

Existing investors Tiger Global and General Atlantic as well as Moore Strategic Ventures led the round, NoBroker co-founders Saurabh Garg and Akhil Gupta tweeted.

Garg, Gupta and Amit Kumar Agarwal had founded the Bengaluru-based proptech company in 2014. While the founders diluted a minority stake in this round, they will retain control of the business.

NoBroker helps people looking to buy or rent apartments and houses avoid brokers and, in turn, brokerage fee. The company will use a portion of the funds to deepen its presence in six metropolitan cities — Bengaluru, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR.

The company will also use the money to widen its network across 50 more cities over the next two years and expand its technology and product functions to grow its society management app NoBrokerHood to 100,000 gated communities from 10,000 at present.

It also plans to double its headcount over the next 12-18 months. It currently employs around 150 people across tech and product functions.

Since inception, the company has raised $361 million. It counts Elevation Capital, Beenext, and KTB Ventures as its other backers.

Apart from its real estate platform, the company provides several value-added services including home loans, packers and movers, essential home services, legal documentation and online rent payment. The company is also working with new-age insurance players to launch customised insurance products for homeowners on its platform. For residents, it is also planning to boost discoverability of services and commerce on its platform.

The company has tied up with about 40 financial institutions to provide home loans to customers on its platform. The average ticket size of these home loans stands at roughly Rs 7 million.

NoBroker says it facilitates 4,000 buy-and-sell transactions for real-estate properties listed on its platform per month. It has 7.5 million properties registered on its portal and over 10.6 million users have used its services.

Ankit Doshi

The Capital Quest