Prop-tech Startup NoBroker Raises $5 Mn From Google In Extended Series E

NoBroker, a prop-tech real estate startup, has raised $5 million in funding from technology giant Google in an extended Series E round, through which it had earlier secured $210 million of funding in November 2021.

Google's investment has been made from the $10 billion India Digitization Fund it had announced back in 2010.

With this funding, Google joins existing investors General Atlantic, Tiger Global and Moore Strategic Ventures in the Series E round.

Google and NoBroker will collaborate to enhance user experience and work towards making the entire real estate journey of a user--from finding a home, to moving into a housing society--a seamless experience.

“One of the key areas where we’ll leverage this partnership will be to build unique solutions that help simplify the lives of the residents of NoBrokerHood societies," said Akhil Gupta, cofounder and chief technology and product officer of NoBroker.com.

The unicorn's objective is to aggressively grow and reach 100,000 societies in the next few years, Gupta added.

NoBroker turned unicorn in November 2021 after raising $210 million in a Series E funding round from General Atlantic, Tiger Global and Moore Strategic Ventures.

The proptech startup founded by Akhil Gupta, Saurabh Garg and Amit Kumar Agarwal in 2014, deals in renting, buying, selling, home services, financial services, and society management services through NoBrokerHood, which currently has 2.5 million users.

The company currently operates across six cities--Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune. NoBrokerHood operates in five additional cities--Kolkata, Coimbatore, Ahmedabad, Jaipur and Lucknow.

“These are exciting times for the real estate industry. Demand for rent and buying are both in full swing. NoBroker is committed to democratising a user’s real estate journey. We are delighted to partner with Google to build products and solutions that will simplify the home search and living experience for our users”, said Agarwal, who is the co-founder and chief executive officer of NoBroker.com.

The company said that more than 10 million properties are registered on the NoBroker platform. NoBroker is seeing an upward trend in the property buying segment and this funding would help deepen its investments in resale and and primary sale verticals, it said.

"We have seen increasing demand for people wanting to rent and buy houses in gated communities. It is an opportune time to build solutions that would elevate society living experience for residents and this partnership will help us achieve this goal faster," said Saurabh Garg, cofounder and chief business officer of NoBroker.com.

NoBroker has helped customers save brokerage to the extent of Rs 11,000 crore to date in rent/buy/sell transactions, the company said in a statement.