Growth equity firm General Atlantic has invested $30m in NoBroker, an India-based online real estate marketplace backed by internet company Digital Garage, to increase its series D round to $80m.
Investment firm Tiger Global Management led the round’s $50m first tranche in October 2019, with General Atlantic also participating. It has now received $151m in funding to date.
Founded in 2014, NoBroker operates an online platform where users can list, sell, rent or buy properties without needing to pay brokerage fees. It operates in Mumbai, Bangalore, Pune, Chennai, Hyderabad and Delhi-NCR, having entered the latter city in November 2019.
The series D extension follows NoBroker’s acquisition of apartment management tool developer Society Connect in February this year, a deal intended to enhance its housing community and visitor management system, NoBrokerHood.
Amit Kumar, co-founder and chief executive of NoBroker, said: “We are dedicated to solve a problem that is unique to India and build India’s largest real-estate technology platform that makes transactions affordable and hassle-free.
“We have been tripling our revenue every year and this funding will help us further improve user experience and enable faster deal closures. We will continue to add value across the user journey with continuous investment in our home store and NoBrokerHood.”
SAIF Partners and Fulcrum Partners provided $3m for the company in a 2015 series A round before it closed a $17.4m series B featuring Digital Garage, SAIF Partners, venture capital firm KTB Network’s KTB Ventures subsidiary, Beenext, Qualgro and Mamoru Taniya the following year.
General Atlantic subsequently led NoBroker’s $51m series C round in June 2019, investing alongside Beenext and SAIF Partners.
