General Atlantic leads $51m Series C for India's NoBroker
General Atlantic has led a $51 million Series C round for NoBroker, an online real estate marketplace based in India. SAIF Partners and Beenext Capital Management also participated in the round.
NoBroker was founded in 2013 as a home rental platform through which users could find properties to rent without paying commission to property brokers. It has since expanded to residential resale and commercial properties, with more than 2.5 million properties registered on the platform and six million users. The company also operates Home Store, a marketplace for transaction services including financing, packers and movers, and legal documentation.
Previous investments in NoBroker include a $3 million Series A round in 2015 with participation by SAIF and Fulcrum Ventures. Since then the platform has expanded beyond its home territory of Mumbai to include Bangalore, Pune, Chennai, and Gurgaon.
“This funding comes at a time when we are already seeing huge traction. The round will help us reach more people across new cities and go deeper in current cities to become the preferred choice for any real estate transaction in India,” said Saurabh Garg, co-founder of NoBroker, in a statement. “We believe that with our differentiated technology and product, we will continue to enhance the experience for users of our platform.”
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