NoBroker, a platform that helps tenants to attach immediately with property homeowners, has turn into the newest entrant to the unicorn after elevating $210 million ( ₹1,575 crore) from traders on Monday. With this, the Bengaluru-based firm has turn into the primary participant in the actual property expertise sector within the nation.
“We’ve got raised $210 million fund from traders for our enlargement plan,” mentioned NoBroker.com Co-Founder Akhil Gupta after the fundraise.
Reaching $1 billion valuation inside eight years of commencing operations, NoBroker will use the proceeds from the newest funding spherical to increase its enterprise throughout 50 cities in India. The Collection E funding spherical was led by Basic Atlantic, Tiger International Administration and Moore Strategic Ventures. With this newest funding spherical, the corporate has to this point raised $361 million.
“We founders have diluted stake to lift funds, however we now have the management,” NoBroker.com Co-Founder and CEO Amit Agarwal mentioned when requested in regards to the dilution of stake to lift $210 million.
The fund can be utilised for enlargement and to gas progress. NoBroker intends to make use of the cash to extend its foothold in six cities the place it’s current, in addition to increase operations to 50 cities and bolster its society administration app NoBrokerHood.
Agarwal didn’t disclose particulars in regards to the firm’s income however talked about it has been rising at thrice yearly. The corporate goals to turn into worthwhile within the subsequent two-three years, he added.
“We’re a one-stop store for all property associated wants from renting, shopping for, residence providers, monetary providers and society administration. We don’t cost any brokerage from clients,” Co-Founder Saurabh Garg mentioned.
NoBroker presently operates in six cities, together with Bangalore, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. The proptech portal already has greater than 75 lakh properties listed on its platform and greater than 1.6 crore people have used NoBroker providers.
“The newest spherical of funding will assist us additional construct our expertise prowess and additional put money into our residence providers and monetary providers,” Gupta mentioned.
NoBrokerHood, the corporate’s group app and market, options 10,000 societies and the “goal could be to aggressively develop and attain 1 lakh societies in subsequent two years,” Agarwal mentioned.
Garg mentioned the present funding will assist the corporate to succeed in out to extra clients throughout present and new cities and assist in streamlining all the actual property journey from looking to shifting into your home to even managing your society residing seamless with the assistance of expertise.
NoBrokers.com was based by Akhil Gupta from IIT-Bombay, Amit Kumar Agarwal from IIT-Kanpur and IIM-Ahmedabad, and Saurabh Garg from IIT- Bombay and IIM–Ahmedabad.
(With PTI inputs)
Supply: Live Mint