How This Propertytech Start-up is Making the Process of Renting Properties a More Seamless Process With Its Latest Funding
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NoBroker.com has been on a high. In June, the property tech start-up raised $51 million in Series C round of funding and yesterday it announced a the closing of Series D funding of $51 million led by Tiger Global and participation from existing investor, General Atlantic. The total funding raised by NoBroker.com stands at $121 million. The funding will be utilized in expanding to newer cities and strengthening position in the existing ones. Speaking to Entrepreneur India in a telephonic interview, Amit Kumar, CEO and Co-Founder of NoBroker.com, said, "We are currently based in 6 cities, we plan to tap into the top 25 cities of the country through this funding. We also want to invest in technology and strengthen our services."
NoBroker.com founders-Amit Kumar Agarwal Akhil Gupta and Saurabh Garg
NoBroker.com was founded in 2014 in Bangalore by Amit Kumar Agarwal, CEO, Akhil Gupta, CTO, Saurabh Garg, CBO. The Indian real estate industry has been undergoing a lull and therefore the process of buying and renting properties has become a tedious chore. In India, there is a huge gap in the way properties are bought, sold or rented. Huge amounts, amounting to as much as $19 billion, are paid as brokerages in the country. With platforms such as this; not only are middlemen between the buyers and sellers eliminated but also other aspects such as searching houses in newer geographies, moving and packing ensuring the legal and rental documents are well-taken care of thus reducing the hassle of moving or shifting to new places. Moreover, the AI and ML features of this application help in making sure that genuine tenants, owners, buyers and sellers connect and carry out transactions. The AI feature, especially, is instrumental is handling the huge amount of data that the proptech platform has to manage, according to Agarwal.
Agarwal also said that the newly introduced 'rentometer' on the platform helps users compare prices and removes the need of having "any physical people on the ground."
Commenting on the fundraise, Scott Shleifer, Partner at Tiger Global Management said, “NoBroker Team has built a tech-driven C2C business to make residential and commercial real estate transactions convenient and affordable. We have been extremely impressed by the strength of the NoBroker team and their relentless focus on using technology to solve end-to-end transactions in the large real estate market in India.”
The proptech platform claims to have more than 30 lakh properties registered on the application and more than 70 lakh individuals to have used the services.
(Updated with inputs from NoBroker.com)