NoBroker partners with Google after securing an additional Rs 40 Cr in Series E funding
- ByStartupStory | March 2, 2023
NoBroker, a unicorn in the proptech industry, has raised an extra Rs 40 crore ($5 million) in its Series E funding round. Google has joined the existing investors General Atlantic, Tiger Global, and Moore Strategic Ventures in this funding round.
The newly raised funds will enable NoBroker to expand its customer base in both current and new cities. The company also plans to utilise technology to simplify the entire real estate process, from property search to moving homes and managing communities.
This recent funding is an extension of NoBroker’s Series E funding round, which the startup initiated earlier. In November 2021, the company successfully raised a substantial amount of $210 million, which propelled it to join the prestigious billion-dollar valuation club.
According to Saurabh Garg, Co-founder and Chief Business Officer at NoBroker, there is a growing trend in the property buying sector, and this latest funding will allow the company to strengthen its investments in both resale and primary sale verticals. He also mentioned that this is an ideal time to develop solutions that enhance the living experience of society residents, and the partnership with Google and other investors will enable them to achieve this goal more quickly.
In conjunction with the funding agreement, NoBroker and Google will partner to improve user experience and strive towards creating a seamless real estate journey, from discovering a suitable residence to living comfortably in a residential community.
Amit Agarwal, Co-founder and CEO of NoBroker, expressed enthusiasm for the current state of the real estate industry, citing a high demand for both rental and purchase properties. He further added that “he is pleased to collaborate with Google to develop products and solutions that will simplify the process of searching for homes and provide a better living experience for their users”.
NoBroker was established in 2013 by Akhil Gupta, Amit Agarwal, and Saurabh Garg, and it offers users the opportunity to rent houses without any brokerage fees. Additionally, NoBroker assists users in relocating, obtaining home loans, obtaining cleaning and home painting services, paying rent, and obtaining legal services, among other services.
In 2019, NoBroker introduced NoBrokerHood, which is a smart system for managing residential communities and visitors. This system includes various services such as visitor management, community management, financial management, home services, legal verification, and more. In February 2020, the company acquired Society Connect to integrate its financial module with its services, thereby providing a unified platform for users.
Akhil Gupta, the Co-founder, CTO, and Product Officer of NoBroker, expressed his enthusiasm for partnering with Google. “He emphasised that they will focus on creating distinctive solutions that streamline the lives of NoBrokerHood community residents, adding that their aim is to expand rapidly and reach 100,000 communities within the next few years”.
NoBroker has reported that over one crore properties have already been registered on its platform. The company also boasts a user base of over 2.5 crore registered users across major cities such as Bengaluru, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR. Furthermore, NoBroker has extended its operations to include Kolkata, Coimbatore, Ahmedabad, Jaipur, and Lucknow.
NoBroker has secured investments from prominent investors such as Google, General Atlantic, Tiger Global, Elevation Capital, Moore Strategic Ventures, BEENEXT, BEENOS, and KTB Ventures.
Follow Startup Story
Related Posts
