Bangalore based property listing platform NoBroker has confirmed that it has secured $50 million as part of its Series D funding led by Tiger Global Management. Existing backers that include General Atlantic who led the Series C round also participated in the latest financing.
Prior to this round, the firm received $51 million from General Atlantic in June earlier in the year in the Series C round. The current infusion takes the total amount raised by the firm to $121 million. The other backers of the firm include names like BEENEXT, SAIF Partners, Digital Garage, KTB Ventures, rocketship.vc.
Launched in 2014 by Akhil Gupta and Amit Agarwal, the firm is one of the largest players in the local real estate industry. It has a presence in the top six cities of the country that includes, Bengaluru, Chennai, Gurgaon, Mumbai, Hyderabad, and Pune. The firm intends to use the freshly raised money to expand its business and work on launching more products in order to attract more users on the platform.
Akhil Gupta, the CTO of the firm talking about the fitm said, “We are using machine learning and artificial intelligence to make transactions faster and low-cost, and also bringing technology to financial transactions involved in real estate.”
Tiger Global Management partner, Scott Shleifer, talking about the funding noted, “NoBroker team has built a tech-driven C2C business to make residential and commercial real estate transactions convenient and affordable.” The firm competes with the likes of Nestaway, Proptiger, 99Acres, and MagicBricks. The fresh funds will allow them to flex their muscles well.
Image Courtesy : DSIM