After weeks of speculations, PE giant Tiger Global has officially led $50 Mn road in online real estate startup NoBroker. This was series D round was for the startup, which last raised funds in June this year. Existing investor General Atlantic also participated in the round, according to the statement releases by the company.
Following the latest series D funding round, NoBroker’s total fundraising amount has now risen to nearly $121 million and its current valuation now stands at $300-350 Mn.
“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 Amit Kumar Agarwal, chief executive officer and co-founder of NoBroker.com.
The Bengaluru based company claims to be a brokerage-free real estate platform and currently offers services in Mumbai, Bengaluru, Pune, Chennai, Hyderabad and Gurugram. The company further claims that more than 7 Mn people have used its services for searching real estate properties as well as availing other value added services.
However, NoBroker has to compete with many well-funded competitors including 99acres, MagicBricks, Housing.com and Commonfloor.com. Co-living startups like ZoloStays and Nestaway are also offering a pretty tough competition to these portals.
These online real estate portals are trying to cash on unabated migration of people to urban cities with millennials and urban youth making up a major chunk of this migrated population. However, these well-funded real estate portals still have a very long way to go as India’s real estate market is still dominated by small unorganized players.
Meanwhile, off late Tiger Global has been on a investment spree as it has led two big funding rounds in less than an month. The PE major recently invested $25 Mn in Upstox and $23 million in a Kolkata based Momo chain restaurant respectively.