General Atlantic leads $51 mn funding in home rental platform NoBroker

General Atlantic leads $51 mn funding in home rental platform NoBroker
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Bengaluru-based NoBroker Technologies Solutions Pvt. Ltd, which owns and runs a property-listing portal for renting homes, has raised $51 million (around Rs 354 crore) in a Series C round led by US-based private equity firm General Atlantic.

The round also saw participation from existing investors SAIF Partners and Beenext, the company said in a statement.

According to NoBroker founders Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg, the funds will be used to ramp up the tech backbone, expand operations and customer base, besides deepening operations in existing markets

“Our objective is to accelerate customer and deal-closure growth and continue to deliver value to customers across the country. We will also invest in our home store and financial services products,” said chief executive Agarwal.

The fresh round of funding comes after the firm had raised $17 million in a Series C round in two tranches in 2016.

South Korea-based KTB Network, SAIF Partners, Japan-based Beenext, Digital Garage, Beenos, Qualgro, and Mamoru Taniya of Asuka Holdings had participated in that round.

NoBroker was founded in 2013. IIT alumnus Agarwal was previously an analyst at Cognizant Technologies, principal consultant at PwC and associate director at Australia New Zealand Bank. IIT alumnus Gupta was an application engineer at Oracle and technical lead at PeopleFluent.

NoBroker is a home rental platform that helps users find homes without paying any brokerage.

The company, which claims to have onboarded more than 2.5 million properties, has catered to more than six million individual customers. Besides, it offers “home store services”, for loans, packers and movers, and legal documentation, among others.

NoBroker currently operates an end-to-end transaction model in five regions: Mumbai, Bengaluru, Pune, Chennai and Gurugram.

Recent deals in realty-tech

May: Bengaluru-based startup Zaasna Proptech Pvt. Ltd raised seed funding worth Rs 2 crore ($290,000 then) from global investors in Singapore, West Asia and the US.

May: Bengaluru-based online home rental startup NestAway Technologies Pvt. Ltd raised $10 million (around Rs 70 crore then) in a round co-led by existing investors Tiger Global Management and Chiratae Ventures (formerly IDG Ventures).