Decoding NoBroker’s Series E round and captable

Online real estate rental startup NoBroker announced its $210 million Series E round in November at a unicorn valuation. Following that, Fintrackr has decoded its details such as the round break up, shareholding and right shares allotment to the company’s founders.

NoBroker has allotted 1,12,178 Series E CCPS to raise Rs 1564.54 crore or $210 million from Tiger Global, General Atlantic and  Moore Strategic Ventures, regulatory filings show. 

General Atlantic has invested $90 million in this round followed by Tiger and Moore which invested $70 million and $50 million respectively. As per Fintrackr’s estimates, the company has been valued at Rs 7,763 crore or $1.03 billion post money. 

As per the shareholder agreement signed by the new investors and the company, the founders had an option to subscribe for partly paid optionally convertible preference shares. Earlier this month, the founding team exercised that option and NoBroker has allotted 16,686 Series E OCPRS worth Rs 232.71 crore  to its promoters—Amit Kumar,  Akhil Gupta and Saurabh Garg—upon the part payment of Rs 10 per share.

Following the fresh allotment of shares, promoters Kumar and Gupta have 6.09% stake each followed by Garg who now controls a 4.45% stake in the company.

At present, General Atlantic is the largest stakeholder in the company with 32.41% followed by Elevation Capital and Tiger Global which own 17% and 14.44% stakes respectively. 

NoBroker’s complete shareholding can be seen in the pie chart below:

Bengaluru-based NoBroker provides property (rental and buying) hunting on subscription for users. With a presence in six cities, the company claims to have more than 1.5 crore registered users on its platform. It also provides home services, financial services and society management and allows tenants to pay their monthly rentals to landlords via UPI and credit cards through NoBroker Pay. 

According to Fintrackr, NoBroker had made Rs 23.8 crore income from NoBroker Pay, which accounted for 37.6% of the annual revenue in FY20. Its total operating revenue stood at Rs  63.34 crore in FY20 with a net loss of about Rs 100 crore. The company is yet to file annual financial statements for FY21.