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General Atlantic invests USD 30 million in real-estate startup NoBroker

The company raised USD 101 million in 2019.

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Bengaluru-based online real estate startup NoBroker has raised USD 30 million in its Series D round from its existing investor General Atlantic, according to regulatory filings sourced on Thursday by corporate database and research platform Tofler. General Atlantic is the sole investor in this round.

According to a report by the local media Economic Times, the company is expected to be valued at USD 400 million post the investment.

After this round, General Atlantic which made its first investment in NoBroker in June 2019 would become the largest shareholder in the startup with a 30.89% stake, followed by SAIF Partners and Tiger Global Management’s 22.08% and 10.17%, respectively, per NoBroker’s filings with the local regulator.

Including the latest funding round, NoBroker has raised a total of USD 214.5 million in venture funding.

Launched in 2014 by Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, the company started as an online platform for real estate, such as apartments and houses, transactions that charge zero brokerage fee. It claims to have more than 3.5 million properties listed on its platform, and more than 8.5 million individual customers.

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In 2018, it launched a separate app called NoBroker Hood to expand into other real estate-related services such as managing apartments, gated communities, connecting people with domestic help workers, as well as digitally monitoring visitor’s entry and exits in a housing society. In February this year, it acquired Delhi-based company Society Connect that manages visitors in a housing complex.

Its biggest competitor in the apartment management space is Bengaluru-based MyGate which has the backing of Tencent Holdings, Tiger Global Management, US-based JS Capital, and Prime Venture Partners. Moreover, in 2019 the sector saw a new entrant when Reliance Jio launched JioGate to manage the security service of apartments and housing complexes.

Recently, as India is under lockdown due to the novel coronavirus, technology startups have all come together to help battle the pandemic in their own capacities. One of the most common approach among tech startups is to enable delivery of grocery even if they have never done it before. Companies like food tech behemoth Zomato, social commerce startup Meesho, e-commerce firm Snapdeal, fintech company BharatPe, among many others, have all started delivering groceries. NoBroker also announced it will deliver groceries to residents in the housing complexes with which it works. It has already started the service in Bengaluru, Pune, Chennai, and Hyderabad, with plans to extend it to Delhi and Mumbai.