Indian FSBO Vertical NoBroker Ties Up Funding Round to Become a PropTech Unicorn

November 25, 2021
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Indian housing marketplace NoBroker has announced that it has raised $210 million dollars in a Series E funding round and has become a 'Unicorn' in the process.

The Bangalore based company's latest investment round comes just over 18 months after its last round and was co-led by existing investors Tiger Global and General Atlantic along with Moore Strategic Ventures. The latest round values the Proptech company at just over $1 billion and brings the total amount of investment capital it has raised to $361 million.

The company plans to use the capital to expand NoBroker's services from its 6 current markets to 50 more Indian cities within the next two years.

In a Linkedin post, co-founder Akhil Gupta praised NoBroker's staff saying that the company was "blessed with a team made in heaven" and put the company's success down to its "customer first approach".

Founded in 2014 by Akhil Gupta, Saurabh Garg and Amit Kumar Agarwal, NoBroker is a platform for individuals to list their properties for sale or rent without brokerage fees. The company charges a subscription fee to users and has also moved into adjacent areas such as cleaning, decoration, pest control and repair services in recent years.

NoBroker also operates a community management and forum app named NoBrokerhood which competes with MyGate Homes which recently tied up a listings deal with REA India. The platform is similar in some aspects to western platforms like Nextdoor but also acts as a marketplace for items that residents wish to sell to one another and also has a functionality to control visits.

According to a report by Startuptalky.com, the company saw huge growth in 2020 as revenues climbed from Rs 18 crores ($2.4 million) to Rs 63 crores ($8.5 million). With the Indian real estate ramping back up after a period of lockdowns and disruptions and the upward trend in home buying activity that the company is seeing, the outlook for future growth looks good for NoBroker.

November 25, 2021
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

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