Tiger Global leads $50 Mn Series D round in NoBroker

Brokerage free property search platform NoBroker has picked up $50 million Series D round from Tiger Global. The fresh round for the company has come just after four months of its previous financing round.

Existing investor, General Atlantic, which had led $51 million worth Series C round in June, also participated in it.

The announcement of the Series D round comes against the backdrop of media reports suggesting that both Tiger Global and General Atlantic are set to lead a $100-130 million fresh funding round in the prop-tech platform.

The proceeds will be deployed to acquire more customers across the country and improving its home store and financial services products, said a Mint report quoting NoBroker CEO, Amit Kumar Agarwal.

Although the company did not reveal its current valuation, the five-year-old startup is expected to be valued at about $400 million.

Currently operational in Mumbai, Bengaluru, Pune, Chennai, Hyderabad and Gurugram, NoBroker claims to have registered three million properties on its platform and has served more than seven million people since its inception.

As the name sounds, NoBroker doesn't involve intermediaries and enables meaningful house-hunting through a paid subscription. Besides rental, it also facilitates buy and sell transactions along with other value-added services.

Last year, it had launched a rent payment feature NoBroker Pay, which allows its users to pay their rent using any credit cards, debit cards, UPI wallet or Net Banking. In September, NoBroker claims clocked Rs 100 crore of rent payment transactions through the platform.

For Tiger Global, NoBroker will be another B2C deal amongst its overall 21 investments made since October 2018. The New York-based hedge fund kicked off the funding spree after three-year hiatus and has been focusing equally on B2B as well as B2C deals in the Indian startup ecosystem.