NoBroker.com Snags $30 Million to Disrupt Real Estate Technology amidst Lockdown
Peer-to-peer brokerage-free real estate search engines are gaining mass popularity in Asia, particularly in India and other South-East Asian countries. An AI-based Real Estate Technology platform NoBroker.com, which was launched in 2014, just announced a sizeable Series D funding from its existing investors, led by General Atlantic. The new funding of $30 million takes NoBroker.com’s total funding raised in 6 years to $214.5 million in 10 rounds. This is among the highest any real estate technology platform has raised in the Indian tech scenario so far.
Real Estate Technology Platform Uses Machine Learning and Artificial Intelligence
The latest funding comes within months of NoBroker acquiring a society management and ERP solutions company Society Connect. The deal was finalized in all-cash in February 2020 to strengthen their Visitor and Society Management app NoBrokerHood, making it a single app that any society would need.
In October 2019, the startup had raised $50 million in another Series D funding round which was led by Tiger Global and General Atlantic had also participated in that round.
Today, the platform boasts of 3.5 million monthly property listings and over 8 million monthly registered users.
At the time of this announcement, Akhil Gupta, CTO, and Co-Founder of NoBroker.com said –
“NoBroker is making the entire real-estate transaction journey seamless with the help of technology. The huge amount of data we generate on the platform helps us to use Machine Learning and Artificial Intelligence leading to faster closures and customize offerings for every customer. The support provided to us by our investors is a testimonial to our ongoing tech innovation. We will further invest in our financial services to make them accessible to more people.”
Building India’s Largest One-Stop Platform for All Real Estate Needs
Amit Kumar, CEO, and Co-Founder of NoBroker.com added the novel efforts undertaken by his startup during COVID-19 induced lockdown. The company recently launched an essential goods supply service, NoBrokerHood.
Amit said, “We are dedicated to solve a problem that is unique to India and build India’s largest real-estate technology platform that makes transactions affordable and hassle-free. We have been tripling our revenue every year and this funding will help us further improve user experience and enable faster deal closures. We will continue to add value across the user journey with continuous investment in our home store and NoBrokerHood.”
Today, NoBroker is a one-stop-shop for the entire real estate transaction journey ranging from rental, sale or resale to post-transaction services like loans, packers, and movers, legal documentation, online rent payment, interiors, etc.
In 2019, NoBroker expanded its operations in Delhi-NCR, securing operations across six cities including Mumbai, Bangalore, Pune, Chennai, Hyderabad and Delhi-NCR (India).
The company continues to focus on making the entire transaction easy and affordable for the customers.
Saurabh Garg, CBO, and Co-Founder of NoBroker.com said – “We are encouraged by the confidence that General Atlantic has placed in us. We are focused on building India’s largest one-stop platform for all real estate needs. Our growth across verticals tells that our unique model is solving a real customer problem. This funding will help us expand to new cities and also go deeper in the existing cities and service more customers. We will also invest further in our sales vertical.”
Shantanu Rastogi, Managing Director, General Atlantic said – “NoBroker’s service and product innovations to improve choice, reduce transaction costs, enhance transparency and deliver convenience are driving significant organic listings and subscriptions on its platform. NoBroker Pay, NoBroker Hood, NoBroker Home Services and several such innovations are deepening the engagement of owners, tenants, buyers and community residents with its platform making it a go-to-destination beyond its core offering of rental and sale transactions. We are excited to back Akhil, Amit, and Saurabh in strengthening their leadership position in this huge segment.”