Indian proptech firm NoBroker banks $50m in Tiger Global-led round

India-based real estate listing platform NoBroker has raised US$50 million in a series D round led by US-based investment firm Tiger Global Management.

Photo credit: Maria Ziegler

Existing investor General Atlantic also participated in the round, which brought the startup’s total capital raised to US$121 million, Livemint reported.

Founded in 2014, the company’s platform connects renters to homeowners while eliminating the need to pay brokerage fees. NoBroker also provides paperwork and documentation processing relating to lease agreement registration, bank franking, police verification, and society approvals.

According to NoBroker chief technology officer and co-founder Akhil Gupta, the company now leverages machine learning and AI to speed up transaction processes and bring down costs.

“The current funding will help us provide the service to more customers across the country and accelerate our deal closure growth. We will continue to add value across the user journey with continuous refinement of our home store and financial services products,” said CEO and co-founder Amit Kumar Agarwal.

The company said that there are more than 3 million properties registered on its platform and has upwards of 7 million users. It currently operates in Bengaluru, Mumbai, Pune, Chennai, Gurugram, and Hyderabad.

According to a report, the country’s real estate industry is expected to reach a market size of US$1 trillion by 2030 – an increase from just US$120 billion in 2017 – and contribute 13% of the country’s GDP by 2025.

In June, NoBroker raised US$51 million in its series C round led by General Atlantic to strengthen its machine learning and AI capabilities.

Another proptech player in the country is Clicbrics, which raised US$3 million in pre-series A funding from international and domestic investors in August to fuel its expansion in India.