NoBroker.com, a brokerage-free real-estate platform, on Wednesday announced that it has raised $51 million in Series C funding led by General Atlantic. Existing investors SAIF Partners and BEENEXT also participated in the round. This brings the total funding raised by NoBroker to $71 million.
“The latest funding round will support us in our plans to expand our operations. Our objective is to accelerate customer and deal-closure growth and continue delivering value to customers across the country. We will also invest in our home store and financial services products,” said Amit Kumar Agarwal, CEO and co-founder, NoBroker.com.
“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,” said Sharad Bhojnagarwala, Vice-President, General Atlantic.
“We have been able to use technology effectively to make transactions faster and low-cost for the end user with the help of machine learning and artificial intelligence. The support provided to us by our investors is a testimonial to our ongoing tech innovation. We plan to use this capital to further innovate and strengthen our ML/AI to make the transactions seamless and quicker,” said Akhil Gupta, CTO and co-founder, NoBroker.com.
NoBroker initially started with a product that sought to improve the experience for customers in residential leasing and expanded to residential resale and commercial properties. The start-up later launched Home Store services, a one-stop shop for services that a customer requires while completing a real-estate transaction, including loans, packers and movers, and legal documentation.
Founded in March 2014 by Gupta, Agarwal and Saurabh Garg, NoBroker.com claims it has 60 lakh registered users and does deals worth ₹9,800 crore per annum, saving ₹1,000 crore annually in brokerage for consumers. More than 25 lakh properties are registered on NoBroker, and the start-up recently crossed the milestone of 5 million customers across Bengaluru, Pune, Mumbai, Chennai and Gurugram.