NoBroker.com, the India-based peer-to-peer property marketplace backed by internet company Digital Garage, has collected $51m in series C funding from a group of investors led by growth equity firm General Atlantic.
The round was filled out by venture capital firm Beenext and VC and growth equity firm SAIF Partners.
Founded in 2014, NoBroker has created an artificial intelligence-equipped online property rental and buying platform that enables homeowners to deal directly with potential clients rather than having to go through a broker.
The portal operates as an end-to-end service in five Indian cities, meaning customers in those markets can also access resources related to their property transaction, such as removal hire or financing.
Nobroker has registered more than 2.5 million properties, and more than 6 million individuals have used the platform to date. It started out by focusing on residential leasing but now also operates in the property resale and commercial real estate markets.
Proceeds from the round will aid NoBroker’s expansion strategy as it looks to sign up additional customers and close more property deals. It also hopes to launch its marketplace in additional cities and invest in its auxiliary and financial property services.
The company completed its $17.4m series B round at the end of 2016. Digital Garage co-led the $10m first tranche with Beenext earlier in the year, investing with Qualgro, SAIF Partners and angel investor Mamoru Taniya.
KTB Ventures, part of private equity and VC firm KTB Network, added $7.4m to close the round, which came after a $3m series A round in 2015 that featured SAIF Partners and Fulcrum Ventures, and a 2014 seed round of undisclosed size backed by angel investor Saurabh Garg.