Brokerage-free firm NoBroker raises $51 million in Series C funding

Brokerage-free firm NoBroker.com on Wednesday announced it had raised $51 million in Series C funding. To date, the company has raised around $71 million. This round roughly values the company at $160 million.

The round was led by General Atlantic and existing investors, including SAIF Partners and Beenext Ventures. The firm claims to have more than 2.5 million properties registered on its platform. General Atlantic has invested over $41.5 million in the company in this round.

“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, chief executive officer and co-founder, NoBroker.com.

Most of the investment will be used in expansion in five cities — Mumbai, Bengaluru, Pune, Chennai and Gurugram — where the company currently operates. The firm is doing 15,000 transactions every month for rent as well as sale. The company is now getting into the commercial rent and sale space. “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,” said Saurabh Garg, CBO and co-founder, NoBroker.com. 

He added they believed that with their differentiated technology and product, they would continue to enhance the experience for users of the platform . 

The company believes by December this year it will be transacting for at least 4,000 commercial properties per month.

NoBroker also launched home store services, a one-stop shop for customers for completing real estate transaction like loans, packers and movers, legal documentation and others. “We have been able to use technology to make transactions faster and low-cost for the end user with the help of machine learning (ML) and artificial intelligence (AI). 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,” said Akhil Gupta, CTO and co-founder, NoBroker.com.