Regulatory filings shows that NoBroker has raised $51 million as a part of Series C round led by General Atlantic. Existing investors Beenext Ventures and SAIF Partners along with Rocketship.vc also participated in the round. Total raise for till date for the company now stands at $71 Million. The current Series C round valued the company in the vicinity of $160 million.
General Atlantic led the round with a$41.5 million cheque, while SAIF invested $7.5 million.
NoBroker is a tech-based real estate platform that connects building owners and tenants directly, removing the “broker” from the process. NoBroker provides an online platform in real estate for the purpose of buying and renting properties. It also provides for other services like rental agreement, rent payments. NoBroker does not charge any brokerage from the parties but offer subscription packages, which range from Rs. 999 to Rs. 5999, depending on the type of services.
“As much as 70% of our revenue comes from subscription plans where we connect owners and tenants or buyers and sellers,” said Akhil Gupta, co-founder, NoBroker and told that the company’s revenue grow by 400% every year. Regulatory filings show that NoBroker’s revenue from operations stood at Rs 8.6 crore on a loss of Rs 31.4 crore for the previous fiscal year.
At present, the company claims that to have an inventory of more than 2.5 Million registered, with over 6 Million individuals having availed its services. According to CEO and Co-founder of NoBroker Amit Kumar, the funds raised in the round will be utilised in expanding its operations and will help in pacing up customer as well as deal-closure growth.
NoBroker plans include expanding its services to the top 10 cities in the next one year along with building its technology stack and recommendation engine, Gupta said.
For its buy and sell business, the company is aiming at establishing direct relationship with builders and also introduce a more sophisticated home loan product, as well as interior service offering. It also has a commercial business listing offering.
Other business lines in the rental space for NoBroker includes furniture and appliance rentals, rent payment using credit cards, and facilitating for hiring services of movers and packers.
The competition for NoBroker includes Nestaway, Proptiger, 99Acres, and MagicBricks. NoBroker currently operates an end-to-end transaction model in five cities: Mumbai, Bengaluru, Pune, Chennai, and Gurgaon