NoBroker's valuation soars to $1 Bn with $210 Mn Series E

Online real estate rental startup NoBroker has scooped up $210 million in its Series E round led by General Atlantic, Tiger Global and Moore Strategic Ventures. 

According to NoBroker, it has raised $361 million to date and picked up the fresh round at a $1.01 billion valuation.  

The company will use the funds to build its product and technology team and to expand in new markets along with building its gated community product NoBroker Hood, said NoBroker in a statement.

Entrackr had exclusively reported about NoBroker’s upcoming round in Oct.

Founded by Amit Kumar, Akhil Gupta and Saurabh Garg, the company provides property (rental and buying) hunting on subscription for users. It also provides home services, financial services and society management. With a presence in six cities, the company claims to have more than 1.5 crore registered users on its platform.

Importantly, it also allows tenants to pay their monthly rentals to landlords via UPI and credit cards via NoBroker Pay. This vertical emerged as a major revenue channel for the company in FY20. As per Fintrackr, NoBroker Pay contributed about 38% or Rs 23.8 crore of the company FY20’s total operating revenue in FY20. 

While NoBroker is yet to file its annual financial statements for FY21, the company saw its revenue from operations shoot up by 250.3% to Rs 63.34 crore in FY20 from Rs 18.08 crore in FY19.

NoBroker has become the first startup from property tech and overall 38th startup in 2021 to attain unicorn status. Earlier this month, e-commerce roll up startup Mensa Brands, fitness tech company Curefit and content to commerce platform Good Glamm Group entered the coveted club of unicorns.