Private equity major General Atlantic has led a $51 million investment round in real estate platform NoBroker, regulatory filings show. Rocketship.vc, along with existing investors Beenext Ventures and SAIF Partners also participated in the round which values the company at roughly $160 million.General Atlantic led the round with a $41.5 million cheque, while SAIF invested $7.5 million.
NoBroker is an online real estate listing platform to buy and rent properties. It also offers other services like rental agreement, rent payments. The company does not charge any brokerage from either parties but offers service packages ranging from Rs 999 to Rs 5,999 for other services.
“As much as 70% of our revenue comes from subscription plans where we connect owners and tenants or buyers and sellers,” said Akhil Gupta, co-founder, NoBroker, adding that the company is growing its revenue by four times every year. For the fiscal year 2018, NoBroker’s revenue from operations stood at Rs 8.6 crore on a loss of Rs 31.4 crore, regulatory filings show.
NoBroker plans to expand its services to the top 10 cities in the next one year, and build its technology stack and recommendation engine, Gupta said.Other new business lines for NoBroker in the rentals space include furniture and appliance rentals, rent payments through credit card, and the facility for hiring movers and packers.
For its buy and sell business, the company is looking to now establish direct relationships with builders, and also launch a more sophisticated home loan product, and interior services offering. It also has a commercial business listing offering.
Across its business verticals, NoBroker competes with the likes of Nestaway, Proptiger, 99Acres, and MagicBricks, a part of theTimes group, which also publishes this paper.
