NoBroker.com, a real estate portal, announced that it has raised $50 million in Series D funding led by Tiger Global Management with participation from existing investor, General Atlantic. NoBroker had raised $51 million in June in Series C funding led by General Atlantic. This brings the total funding raised by NoBroker so far, to $121 million.
The fresh funding will be used to ramp up technology, product development, hiring, building new verticals like home loans, home painting/cleaning/pest control complete property management solution for property owners and expanding its presence into more cities, a top executive told BusinessLine .
The start-up recently launched its operations in Hyderabad in August 2019 and currently operates across six cities including Mumbai, Bangalore, Pune, Chennai, Hyderabad and Gurugram.
“We have gained strong traction in our current cities of operations and are currently adding 2.8 to 3 lakh new customers and 3.5 lakh former customers every month. At present 20 per cent of our total transactions are buy-sell deals and 80 per cent are home rentals. We plan to launch in NCR next,” said Akhil Gupta, CTO and co-founder of NoBroker.com. “We are using machine learning and artificial intelligence to make transactions faster and low cost for the end user and are also bringing technology to financial transactions involved in real estate. The support provided to us by our investors is a testimonial to our ongoing tech innovation” added Gupta.
Scott Shleifer, Partner, Tiger Global Management said, “NoBroker Team has built a tech-driven C2C business to make residential and commercial real estate transactions convenient and affordable. We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to solve end-to-end transactions in the large real estate market in India.”