India's NoBroker raises $80 million in Series D funding

Last year, Tiger Global invested $50 million in the company, its commitment coming a few months after a Series C round led by General Atlantic. According to co-founder Nikhil Gupta, NoBroker has now finalized the Series D fundraise with General Atlantic investing an additional $30 million. Other investors in the company include SAIF Partners, Beenext Capital Management and Fulcrum Ventures. 

Founded in 2013, NoBroker was initially just a marketplace for home rentals but has since branched into providing users packing and moving services and home loans for buying apartments listed on the platform. It says it does not charge a commission for facilitating the initial rental agreement.

NoBroker is operational in 11 cities and counts nearly one million rent-paying users active on its platform. It claims to have worked with seven million customers over the years and says the platform adds more than 75,000 new apartments every month. According to Beenext investor Teruhide Sato, NoBroker stands to gain from the rapid pace of urbanization by helping bring transparency and convenience to the rental experience. 

“NoBroker.com has extended series D round to $80 million by adding another $30 million in funding from General Atlantic taking the total fundraise till date to $151 million. We are extremely proud of the trust shown by General Atlantic and even more happy to raise the round during this tough environment,” said Gupta, according to a LinkedIn post confirming the funding round.

Earlier in the year, NoBroker acquired apartment management solution Society Connect to help bolster NoBrokerHood, a platform that helps administrators of apartment complexes and homeowners interact with its users to handle issues related to parking, bill payment, visitor management, rental payments and also offer grocery delivery services. 

Apart from NoBroker, internet platforms that seek to help urban students and professionals find homes to rent in major cities include Nestaway, Zolostays, Stanza Living, Colive, SimplyGuest, StayAbode, ZiffyHomes and Placio. Most of them offer serviced apartments for rent targeting different groups of individuals. Unlike NoBroker, they usually charge the property owner a commission or increase the final price visible to the user. Nestaway, which says it has 40,000 serviced homes on its network, operates in 19 cities.

In India, other recent investments by General Atlantic include participation in a $110 million Series D round in educational learning platform Unacademy. 

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• Topics
• South Asia
• Expansion
• Technology
• India
• General Atlantic
• Real estate
• Tiger Global Management