The startup raised funds at a post-money valuation of $1.01 billion, making it India’s first property tech-or proptech-unicorn. NoBroker’s latest valuation is 2.5x higher than when it raised funds in 2020 at a valuation of $400 million. It has raised a total of $361 million so far.
The significant increase in valuation comes after an increase in real estate purchases and sales, the company’s addition of offerings that go beyond its listing service, and a drop in interest rates.
“Over the years we have transformed ourselves from just a real estate transaction platform to a one-stop-shop. And that has given us a big boost as clearly the number of transactions is increasing and customers are finding a lot of value in our services,” said the cofounder Saurabh Garg,
The Bengaluru-headquartered startup was founded by Garg, Akhil Gupta And Amit Kumar Agarwal in 2013. It will use the funds to build out its product and technology team, delve deeper into existing markets and enter more markets for marketing, and to build out NoBroker Hood, its “gated-community” app and marketplace.
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The startup also saw an increase in home buying demand during the Covid period. “A large number of transactions are coming from end-use customers and not investors who want to quickly flip real estate. So demand has been strong,” Gupta said, noting that the trend will continue in the near future. Will stay
The company’s revenue from operations stood at Rs 63.34 crore in FY20. It said its revenue is tripling every year.
NoBroker operates a brokerage-free real estate platform and offers complete clients a wide range of services from listing a home to hiring packers and movers, securing a home loan, painting and cleaning services, legal services and rent payment. Captures the journey. It claims to have over 15 crore registered users across six cities- Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR. The company did not say how many users pay for its services.