NoBroker becomes India’s first realty startup unicorn
n Tuesday, NoBroker, a real estate renting and buying platform, said that it had raised $210 million in a Series E fundraising round headed by General Atlantic, Tiger Global Management, and Moore Strategic Ventures.NoBroker became India’s first property tech (proptech) unicorn with a post-money valuation of $1.01 billion, making it the country’s first unicorn. Unicorns are firms with a valuation of $1 billion or more.The latest valuation for NoBroker is a 2.5x increase from last year, when it received $30 million at a $400 million valuation.Elevation Capital and Paytm founder Vijay Shekhar Sharma are among the investors that have contributed a total of $361 million to the company so far.In what has been a record year for risk capital intake into the Indian startup ecosystem, the Bengaluru-based business has become the 36th unicorn.The huge boost in valuation is due to an increase in real estate purchases and sales, the company’s expanded products outside listing services, and a decline in interest rates.
“Over the last few years, we’ve evolved from a simple real estate transaction platform to a one-stop shop. And this has given us a significant lift because the number of transactions is clearly increasing, and clients are seeing a lot more value in our services,” said Saurabh Garg, cofounder.Garg, Akhil Gupta, and Amit Kumar Agarwal launched the company in 2013.The funds will be used to expand its product and technology teams, push deeper into existing markets and enter new ones, advertise the company, and develop NoBrokerhood, its “gated-community” app and marketplace.
During Covid-19, the startup also observed an increase in demand for home buying.”End-user consumers, not investors looking to sell real estate quickly, account for a large portion of transactions.” As a result, demand has been strong,” Gupta added. In FY20, the company’s revenue from operations was Rs 63.34 crore. It claims that revenue has tripled every year.
NoBroker is a brokerage-free real estate website that tracks the complete client journey, from listing a home through hiring packers and movers, getting a mortgage, painting and cleaning services, legal services, and paying rent, among other things.It claims to have over 15 million registered users in six cities, including Bengaluru, Mumbai, and Pune.
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