NoBroker raises $210 Million- becomes first Proptech Unicorn
- ByTejika Bajaj | November 24, 2021
The online real estate platform NoBroker recently raised $210 million in a funding round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.
The valuation of the company post funding was at $1.01 billion making it the first proptech unicorn. The Bengaluru based startup has become the 36th unicorn this year, in what has been a record year from risk capital inflow into the Indian startup ecosystem.
The startup intends to utilize the recently infused capital to build its product and technology team, expand its reach by delving into the existing market as well as entering new markets, marketing and to build NoBrokerhood app and marketplace.
The real-estate platform has seen a 2.5X jump in its valuation from last year when it raised $30 million at a valuation of $400 million. The significant rise in the valuation comes on the back of increase in the sale and purchase of real estate, expansion in the product offerings of the company and a drop in the interest rates post Covid-19.
Talking about his startup, the co-founder of NoBroker, Saurabh Garg said, “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.”
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