Online real estate player NoBroker.com has raised $51 million in Series C funding round. This brings the total funding raised by NoBroker to USD $71 million. The round was led by General Atlantic and included participation from existing investors SAIF Partners and BEENEXT.
NoBroker.com said in a statement that it is seeking to transform the online real estate industry by improving user experience and making transactions more convenient and affordable. More than 25 lakh properties are already registered on NoBroker and more than 60 lakh individuals have used NoBroker services, as per the company.
“We have been able to use technology effectively to make transactions faster and low cost for the end user with the help of machine learning and artificial intelligence. The support provided to us by our investors is a testimonial to our ongoing tech innovation. We plan to use this capital to further innovate and strengthen our ML/AI to make the transactions seamless and quicker,” Akhil Gupta, CTO and Co-Founder of NoBroker.com said in a statement.
NoBroker initially started with a product that sought to improve the experience for customers in residential leasing and expanded to residential resale and commercial properties.
“This current funding round will support us in our plans to expand our operations. Our objective is to accelerate customer and deal-closure growth and continue to deliver value to customers across the country. We will also invest in our home store and financial services products”, said Amit Kumar, CEO and Co-Founder of NoBroker.com.
Sharad Bhojnagarwala, Vice President, General Atlantic, commented, “We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to create an improved user experience in the large real estate market in India. We look forward to supporting them in their journey of making real estate transactions easier and convenient.”
NoBroker also launched Home Store services which is a one-stop shop for the services that are required for a customer while completing a real estate transaction including loans, packers and movers, legal documentation, amongst others.
Mayank Khanduja, Principal at SAIF Partners, said, “With increasing digital penetration, a new creed of real estate customers has emerged in India that wants the transaction to be convenient and fast. We are extremely proud of the way NoBroker has built a tech-driven business that serves these real estate customers across their home and related financial services needs.”
NoBroker currently operates an end-to-end transaction model in five cities: Mumbai, Bangalore, Pune, Chennai and Gurgaon.
Saurabh Garg, CBO and Co-Founder of NoBroker.com, said, “This funding comes at a time when we are already seeing huge traction. This funding round will help us reach more people across cities and go deeper in current cities to become the preferred choice for any real estate transaction in India. We believe that with our differentiated technology and product, we will continue to enhance the experience for users of our platform.”