NoBroker raises $210 million funding, becomes India’s first proptech unicorn
Bangalore-based brokerage-free real estate platform NoBroker has raised $210 million in its Series E funding. Tiger Global and General Atlantic, two existing investors, and Moore Strategic Ventures participated in the Series E financing round.
This funding values the company at $1.01 billion, up from about $350 million in April 2020. So, the company is India’s first proptech unicorn. Fresh funds will be used to build its product and technology team. It will also try to expand in new markets.
NoBroker operates in several big Indian cities including Bangalore, Delhi, Pune, Mumbai, and Hyderabad. It helps people in buying or renting an apartment without any broker. The platform boasts over 7.5 million properties listed.
Over the years, the platform has expanded to other categories such as financial services and home services such as cleaning, fulfilling furniture needs, and movers & packers.
The company also has NoBroker Pay that lets people pay their monthly rentals to landlords via UPI and credit cards. As per Fintrackr, NoBroker Pay contributed Rs 23.8 crore of the company FY20’s total operating revenue in FY20. That was about 38% of total revenue.
NoBroker is India’s first property tech startup and overall 38th startup in 2021 to get unicorn status. The year 2021 is seeing a surge in Indian unicorns. Investors are hoping big from the Indian market. This trend is expected to continue in 2022 as well.