India’s 1st Real Estate Unicorn Is This Surprisingly New Startup: How Did This Happen?
Realty startup NoBroker has become India’s newest and 38th unicorn after securing $210 million in funding.
What Does It Do?
It offers broker free services to people looking to buy or lease an apartment, saving them brokerage fees.
It was founded by IIT alumni Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg and was launched in 2013.
Gupta says that the platform uses machine learning and artificial intelligence to smoothen the process for the end user.
They can directly connect with property owners by cutting out the middleman.
High Profile Investors
It has secured $361 million to date and is now valued at $1 billion, up from about $350 million in April 2020.
This also makes it the first Proptech unicorn in the country.
Paytm founder Vijay Shekhar Sharma, serial investor Anand Chandrasekaran, BEE NEXT, Elevation Capital and others are among its investors.
It presently operates in 6 Indian cities-Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.
It has over 7.5 million properties listed on its platform and over 16 million people have used its services.
It has expanded to other categories such as financial services which help in securing rent, home services such as cleaning, fulfilling furniture needs and movers and packers.
The additional services are available independently to customers even if they haven’t rented or bought a place from the platform.
It has another service in place which helps communities stay connected and manage and keep track of visitors called NoBrokerhood.
As a community app and marketplace, it also allows society residents to buy from and sell items to each other.
The startup’s recent growth has been driven by lockdown relaxations across Indian states with which mobility has resumed.
Utilising The Funds
It has achieved a 3x growth since last year, helped by its digital approach to solving real-estate and related needs for owners, tenants, buyers, residential societies and developers.
It plans to use the fresh funds to expand to 50 cities, up from 6 currently in a span of 2-3 years.
It will further invest in NoBrokerHood and expand to 1 lakh societies in the next 2 years from the 10,000 societies till now.
Its present competition includes Magicbricks, 99acres, PropTiger, NestAway, Housing, CommonFloor, QuikrHomes and others.