NoBroker’s platform that helps tenants connect directly with property owners has become India’s first company in the real estate segment to enter the unicorn club.
The firm plans to use the proceeds from this funding round to strengthen its foothold in the 6 cities where it is present as well as expand its business across 50 cities in the country and boost NoBrokerHood, its society management app.
“We are a one-stop shop for all property related needs from renting, buying, home services, financial services and society management. We do not charge any brokerage from customers,” Co-Founder Saurabh Garg said.
Over the years NoBroker has expanded to various categories including financial services, and home services such as movers and packers, fulfilling furniture needs and cleaning. People who have not bought a place or rented from the NoBroker platform can also avail these services.
“NoBroker’s digital-first approach to efficiently solve renting, buying, maintenance and related needs for real-estate owners, tenants, buyers, residential societies and developers is paradigm shifting. In the future, NoBroker’s product stack will also find relevance in several under-regulated developing markets around the world,” Shantanu Rastogi, Managing Director, General Atlantic said.
Founded in 2014 by Amit Agarwal, Saurabh Garg, and Akhil Gupta NoBroker offers a platform that makes it possible for people to buy, sell, and rent a house without paying any brokerage fees. The users can find all listed properties on its platform that enable them to make informed and profitable decisions with ease.
The startup operates in several major Indian cities including Bengaluru, Pune, Delhi, and Hyderabad. NoBroker is used by more than 16 million people across the country and over 7.5 million properties are listed on its platform.
Its NoBrokerHood app that is aimed at communities to manage and stay connected and keep track of visitors is quite popular. The app also allows society residents to buy and sell items from each other. Presently the app is being used by 10,000 societies and the startup aims to reach 100,000 societies in 2 years.