raises USD 30 mn from General Atlantic

293, a brokerage free property platform, has raised USD 30 million from General Atlantic to mainly expand its business into new cities, a brokerage free property platform, General Atlantic

New Delhi, Apr 16 (PTI), a brokerage free property platform, has raised USD 30 million (Rs 230 crore) from General Atlantic to mainly expand its business into new cities and acquire new companies for achieving higher growth, a top company official said.

The Bengaluru-based company, which was founded in 2014, helps in buying/selling and renting of housing and commercial properties by connecting the owner and property seekers without involving brokers.

“We have raised USD 30 million from General Atlantic. With this funding, we have raised USD 151 million so far,” NoBroker co-founder Amit Kumar Agarwal told PTI.

He said General Atlantic has so far invested around USD 80 million to become the largest shareholder in the company with over 30 per cent stake. Tiger Global has invested USD 40 million, while SAIF around USD 15 million.

“This fund will be used for expansion into new cities, upgradation of technology, creating more revenue streams and acquisition of companies,” he said.

The company raised an initial round of funding from SAIF Partners of USD 3 million in 2015, followed by a Series B of USD 17 million from Japanese investor Beenext and Korean investor KTB Ventures in 2016.

In June 2019, NoBroker raised USD 51 million from General Atlantic, while in October last year, it raised USD 50 million in Series D funding, led by Tiger Global Management, for business expansion.

Agarwal said the company has operations in 11 cities including six cities within Delhi-NCR, Mumbai, Bengaluru, Pune, Chennai and Hyderabad.

Asked about revenue growth, he declined to share the specifics, but said it is jumping three fold every year.

“We are profitable in Bengaluru and Mumbai. Our target is to achieve profitability at the entity level in the next two and half years” he said.

The company earns money by charging for premium service which is providing a phone relationship manager to help fast execution of transactions.

It also generates revenue by offering value-added services like packers and movers, property loan, legal documentation, furniture rental and ”NoBroker Pay” for rent payment through credit card.

NoBroker also helps customers in suggesting the ideal location to buy or rent a property as well as the rent or capital value of the property.

Source : PTI

Leave a Reply