Brokerage-free real estate platform NoBroker.com said on Tuesday that it had raised close to $50 million (Rs 350 crore) in a Series-D funding round led by Tiger Global Management, with participation from existing investor General Atlantic.
This brings the total funding it has raised to $121 mn. In JUne, the firm closed a Series-C round of $51 mn, led by General Atlantic.
Around three million properties are registered on NoBroker and aroiund seven mn individuals have used its services, it says. “The team has built a tech-driven C2C (consumer to consumer) business to make residential and commercial real estate transactions convenient and affordable,” said Scott Shleifer, partner at Tiger Global.
NoBroker describes itself as an integrated platform where a customer can seamlessly find solutions for all parts of the journey in any real estate transaction.
The plan is to expand to around 20 cities over the next few years. In August, it launched operations in Hyderabad, the sixth such city. The others being Mumbai, Bengaluru, Pune, Chennai and Gurgaon (Gurugram).
“We are using machine learning and artificial intelligence to make transactions faster and at low cost for the end user. We are also bringing technology to financial transactions involved in real estate,” said Akhil Gupta, chief technical officer and co-founder.
The company says it is adding 280,000 users each month. “We are focused on building India’s largest real estate technology platform, that makes a transaction affordable and seamless. This current funding will help us provide the service to more customers across the country and accelerate our deal closure growth,” said Amit Kumar, chief executive and co-founder.
“We will use these funds to expand into new cities and go deeper in the existing ones. We would also be investing more in our sales vertical,” said Saurabh Garg, chief business officer and another co-founder.
The company has also seen growth in the resale and first-time sale segments. It has also got on board non-bank finance companies for loans and mortgages. It says it is also working with developers to help them sell houses.