AAA NoBroker brings in $50m

NoBroker brings in $50m

NoBroker, the India-based peer-to-peer property marketplace backed by internet company Digital Garage, has received $50m in a round led by hedge fund manager Tiger Global Management, Times of India reported yesterday.

The round included growth equity firm General Atlantic and is expected to value NoBroker at $300m to $350m, sources briefed on the matter told TOI.

NoBroker runs an artificial intelligence-driven online property marketplace that connects landlords to potential customers looking to buy or rent an apartment without the need for a broker.

The company will use the capital to launch an apartment management service for landlords, building on existing auxiliary services for property transactions such as removal hire and financing.

The proceeds will also aid NoBroker’s planned expansion to 20 Indian cities over the next two years, augmenting its existing presence in Mumbai, Chennai, Bengaluru, Gurgaon, Hyderabad and Pune.

NoBroker raised $51m in a June 2019 series C round led by General Atlantic and backed by Beenext and SAIF Partners that took place at a $165m valuation according to TOI.

The company closed a $17.4m series B round in 2016 after KTB Ventures, part of private equity and venture capital firm KTB Network, added to a $10m first tranche that was co-led by Digital Garage and Beenext with contributions from SAIF Partners, Qualgro and Mamoru Taniya.

NoBroker had secured $3m of series A funding from SAIF and Fulcrum Ventures in 2015, following an undisclosed amount of seed capital from Saurabh Garg the previous year.

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