Real estate platform No-Broker.com has raised $210 million in a funding round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.
The capital raising was at a postmoney valuation of $1.01 billion, making NoBroker India’s first property tech (proptech) unicorn, or those startups with a valuation of $1 billion or more.
NoBroker’s latest valuation is a 2.5x jump from last year, when it raised $30 million at a valuation of $400 million. It has raised a total of $361 million till date from investors including Elevation Capital and Paytm founder Vijay Shekhar Sharma. The Bengaluru-based startup has become the 36th unicorn this year, in what has been a record year from risk capital inflow into the Indian startup ecosystem.
The significant uptick in valuation comes on the back of an increase in the purchase and sale of real estate, the company’s offerings that went beyond its listing services, and a drop in interest rates post-Covid-19. “In the past couple of years, we have transformed ourselves from just a real estate transaction platform to a one-stop-shop.
And this has given us a huge boost because clearly the number of transactions is increasing and customers are finding a lot more value in our services,” said cofounder Saurabh Garg.
The startup was founded by Garg, Akhil Gupta and Amit Kumar Agarwal in 2013. It will use the funds to build its product and technology team, go deeper into existing markets and enter more markets, for marketing, and to build NoBrokerhood, its “gated-community” app and marketplace. The startup also saw a boost in demand for homebuying during Covid-19. The company’s revenue from operations in FY20 stood at ₹63.34 crore. It said its revenue has been tripling every year.