Online real estate services startup NoBroker.com has raised $50 million in its Series D funding. Tiger Global Management is the major investor in this round, the other key investor being General Atlantic. The latter is an existing investor in the venture. NoBroker had raised is last Series C funding of $51 million not long ago and with this new fund infusion, the company has so far raised a total of $121 million. The last round was led by General Atlantic.
NoBroker.com offers a platform built on the C2C model where people can register their properties for sale or rental and allow interested people to make the contact through its portal and conclude transactions even eliminating the middleman, the real estate agent or broker. There are also some value-added services like housing loans, links to packers and movers etc. Those buying /selling their properties can avail additional service from NoBroker Home Store that offers legal documentation assistance and so on.
The company claims more than 3 million properties are registered on its site and 7 million individuals have availed of the services of NoBroker.com. The platform now wants to make further improvements in its offerings so that users have a better experience while visiting it.
Mumbai, Bangalore, Pune, Chennai, Hyderabad and Gurugram are the six cities the startup is offering its services in.
NoBroker.com will invest the funds freshly raised to expand across more cities and also firm up the technology on its platform for a seamless integration of all the services on its site. The company claims the business is currently adding more than 280,000 new users every month. The fact that an existing investor like General Atlantic has chosen to invest again and a marquee investor like Tiger Global has joined the team are showcased as testimony of the quality of business NoBroker has been running so far, as well as the confidence these investors have placed in its future.