New unicorn: NoBroker valuation soars to $1 billion

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November 24, 2021 6:00 AM

The start-up was valued at nearly $1 billion in the current round, making it the 38th unicorn to achieve the billion-dollar valuation mark so far in the start-up ecosystem. The round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.

NoBroker’s fresh fundraise comes amid a favorable funding environment for Indian start-ups which has already raised a record $10 billion in financing to date.

Real estate aggregator NoBroker, which helps tenants skip brokers by directly connecting them with property owners, has raised $210 million in funding in its latest Series E round.

The start-up was valued at nearly $1 billion in the current round, making it the 38th unicorn to achieve the billion-dollar valuation mark so far in the start-up ecosystem. The round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.

NoBroker has raised a total of $361 million in funding so far. It first raised seed funding from Elevation Capital in 2013.

Founded in 2013 by Akhil Gupta and Amit Agarwal, NoBroker is a one-stop platform for all property-related requirements from renting, buying, home services, financial services and apartment society management. More than 75 lakh properties are already registered on the portal and more than 1.6 crore individuals have used NoBroker services.

“The latest round of funding will help us further build our technology prowess and further invest in our home services and financial services. We use machine learning and artificial intelligence to make the entire process hassle-free and transactions economical for the end-user”, Akhil Gupta, co-founder and chief technology and product officer at NoBroker, said in a statement.

The start-up aims to ease a homebuyer’s pain points across aspects of real estate transactions journey ranging from rental or outright sale to value-added services like home loans, packers and movers, legal documentation, online rent payment, and a lot more. With its zero brokerage pitch, it currently operates across six cities including Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.

Amit Agarwal, co-founder and CEO at NoBroker, added that fresh capital raised will also be utilised to grow its apartment community management platform NoBrokerHood, which has already signed 10,000 societies till now. The company plans to aggressively grow and reach 1 lakh societies in the next two years.

“NoBroker’s digital-first approach to efficiently solve renting, buying, maintenance and related needs for real-estate owners, tenants, buyers, residential societies and developers is paradigm-shifting. In the future, NoBroker’s product stack will also find relevance in several under-regulated developing markets around the world. We are excited to be part of NoBroker’s continued success,” Shantanu Rastogi, managing director, General Atlantic, said.

NoBroker’s fresh fundraise comes amid a favorable funding environment for Indian start-ups which has already raised a record $10 billion in financing to date. Indian start-ups raised a quantum of $10.9 billion in capital during the third quarter (Q3CY21) across 347 deals, which is approximately a twofold rise compared with the same period last year, consultancy firm PwC India said in a report in October.

However, the property tech (Proptech) segment has historically been a tough market for Indian start-ups. Some of NoBroker’s leading competitors include Housing, CommonFloor, QuikrHomes, Nestaway, and others.

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