BENGALURU: Tech-based real estate platform NoBroker.com has turned a unicorn after the latest $210 million in Series E funding, emerging as the first proptech unicorn in the country. With the latest round, which was led by General Atlantic, Tiger Global Management and Moore Strategic Ventures, NoBorker’s total funding stands at $361 million, taking its valuation to $1.01 billion.
With its zero brokerage USP, NoBroker.com operates across various aspects of real estate transactions -- from rental or outright sale, to value-added services like home loans, packers and movers, legal documentation and online rent payment, among others.
Founded in 2013 by Akhil Gupta from IIT-Bombay, Amit Kumar Agarwal from IIT-Kanpur and IIM-Ahmedabad, and Saurabh Garg from IIT-Bombay and IIM-Ahmedabad, NoBroker.com currently operates in Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. Over 75 lakh properties are already registered on the portal, with more than 1.6 crore individuals having used its services.
The latest funding round will help the company build its technology prowess and further invest in its home and financial services. According to India Brand Equity Foundation, the country’s real estate sector is expected to reach $1 trillion by 2030. By 2025 itself, it would contribute 13 per cent to the country’s GDP. NoBroker.com wants to play a major role in this space.
“One of the uses of this fund-raise will be to invest in NoBrokerHood, our community app and marketplace. We have signed 10,000 societies till now and the objective would be to aggressively grow and reach 1 lakh societies in the next two years,” said Amit Agarwal, who is also the CEO of NoBroker.com.