NoBroker raised capital at a post-money valuation of $1.01 billion, addressing it India’s first property tech or proptech unicorn. Its latest valuation is a 2.5x rise from when it raised investment in 2020 at a valuation of $400 million. It has raised a sum of $361 million till date.
Real estate platform NoBroker.com has raised $210 million in an investment round headed by General Atlantic, Tiger Global Management, and Moore Strategic Ventures.
The notable uptick in valuation appears on the back of an increase in the purchase and sale of real estate, the firm’s addition of offerings that went ahead with its listing service, and a dip in interest rates post-Covid.
“In the past couple of years, we have transformed ourselves from just a real estate transaction platform to a one-stop shop. And this has given us a huge boost because clearly the number of transactions is increasing, and customers are finding a lot more value in our services,” stated co-founder Saurabh Garg.
The Bengaluru-headquartered startup was established by Saurabh Garg, Akhil Gupta, and Amit Kumar Agarwal in 2013. It will use the funds to develop its product and technology team, go further into existing markets and enter more markets for marketing, and to create NoBroker Hood, its “gated-community” app and marketplace.
The startup also noticed an increase in demand for house buying during Covid. “A huge number of transactions are coming from end-use customers, not investors who want to flip real estate quickly. So the demand has been robust,” told Gupta, adding that he views this trend continuing in the near future.
The company’s revenue from operations in FY20 attained at Rs 63.34 crore. It stated its revenue has been tripling every year.
NoBroker runs a brokerage-free real estate platform and takes the entire customer journey from listing a house to selecting packers and movers, securing a home loan, painting and cleaning services, legal services, and rent payments, amongst other things. It declares to have more than 1.5 crore registered users in Bengaluru, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR. The organization did not disclose how many users pay for its services.
NoBrokerHood also acquired Society Connect in 2020, a technology-mapped business management network to merge the latter’s ERP efficiencies with its suite of services