New Delhi: Real estate buying and renting platform NoBroker.com has raised $210 million (Rs 1,575 crore) from investors, including General Atlantic and Tiger global to expand its business across 50 cities, a top company official said on Tuesday.
Bengaluru-based NoBroker, which was launched in 2013, has raised the fund at $1 billion valuation to become the first unicorn in real estate space.
The Series E funding round was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.
“We have raised $210 million fund from investors for our expansion plan,” NoBroker.com Co-founder Akhil Gupta told PTI.
With the latest funding round, the company has so far raised $361 million.
“We founders have diluted stake to raise funds, but we have the control,” NoBroker.com Co-founder and CEO Amit Agarwal said when asked about the dilution of stake to raise $210 million.
The fund will be utilised for expansion and to fuel growth. The company plans to use the money to penetrate deeper into 6 cities where it has presence and expand operations to 50 cities as well as to expand its society management app NoBrokerHood.
The revenue from operations of the company in FY20 stood at Rs 63.34 crore. It said its revenue has been tripling every year.
The company aims to become profitable in the next two-three years, he added. “We are a one-stop shop for all property related needs from renting, buying, home services, financial services and society management. We do not charge any brokerage from customers,” Co-founder Saurabh Garg said.
More than 75 lakh properties are already registered on the portal and more than 1.6 crore individuals have used NoBroker services.
It currently operates across six cities: Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune.
"The latest round of funding will help us further build our technology prowess and further invest in our home services and financial services," Gupta said.
In NoBrokerHood, its community app and marketplace, 10,000 societies have been signed up and the “objective would be to aggressively grow and reach 1 lakh societies in next two years,” Agarwal said.
Garg said the current funding will help the company to reach out to more customers across current and new cities and help in streamlining the entire real estate journey from searching to shifting into your house to even managing your society living seamless with the help of technology.
NoBrokers.com was founded by Akhil Gupta from IIT-Bombay, Amit Kumar Agarwal from IIT-Kanpur, and IIM-Ahmedabad, and Saurabh Garg from IIT- Bombay and IIM Ahmedabad.