Carrying on the funding streak in rental and realty space, NoBroker, has raised a $50.67 million (Rs 351.04 crore) Series C round led by General Atlantic (GA).
Along with GA, another new investor was onboarded in this round – Rocketship.vc. Existing investors who participated in the round include BEENEXT Ventures and SAIF Partners.
GA has lead with a $41.42 million (Rs 287 crore) investment via both preference and equity route, reveals RoC filings with MCA. It purchased 87,137 Series C1 CCPS and 1,000 equity shares worth Rs 32,562.91 each with the said amount. This implies that the new investor has a 25.24% stake in the firm as of now.
SAIF Partners has spent a total of $7.48 million (Rs 51.8 crore) on 15,907 CCPS of the same class via two separate entities – India Fund IV & V. BEENEXT, on the other hand, has invested in 3,224 CCPS an amount of $1.52 million (Rs 10.5 crore). Rocketship.vc, however, has started with a small investment of $0.26 million (Rs 1.75 crore) in exchange of 537 CCPS.
In past couple months, the firm had also secured a non-convertible debt from Trifecta Capital worth Rs 18 crore.
With this, the valuation of a firm is over $116.11 million (Rs 1,137.06 crore), which is slated to be much higher since the company last scored a funding round in December 2016 worth $7 million in a Series B round from KTB Ventures, BEENEXT, Digital Garage, and SAIF Partners.
Before that, in the same year February, the firm had raised a $10 million Series A round from BEENEXT and others.
Till date, the firm has raised a total of $70 million.
Realty space, even with its ups and down has seen continuous investment, especially in the co-living segment with the rise in market potential. It is expected that NoBroker has secured the new fund to run the business smoothly, given the time lag between Series B and Series C rounds.
Further, it could be to expand operations into new cities, and strengthening its position in these rising segments of reality space like co-living.
Entrackr‘s queries to NoBroker around the plans with this new fund have received no response by the time of publishing the report. It is also uncertain if this is the beginning of the round, or the final investment. The post will be updated as soon as the responses come in.