NoBroker, the Indian real estate platform, has received a $5 million investment from Google as an extension of its Series E funding round, bringing the total raised in the round to $215 million at a valuation of $1.01 billion. The Google investment was made as part of the $10bn India Digitization Fund announced by the company in 2020, and follows earlier backing by General Atlantic, Tiger Global, and Moore Strategic Ventures.
NoBroker, the Indian real estate platform, has received a $5 million investment from Google as an extension of its Series E funding round, bringing the total raised in the round to $215 million at a valuation of $1.01 billion. The Google investment was made as part of the $10bn India Digitization Fund announced by the company in 2020, and follows earlier backing by General Atlantic, Tiger Global, and Moore Strategic Ventures.
NoBroker offers a society management system called NoBrokerhood, which is designed to assist with visitor and financial management, legal verification, and community management. Currently, NoBroker is operating in 11 Indian cities, including Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune, and has a cumulative customer base of 25 million.
Amit Agarwal, NoBroker's CEO, said the funding would be used to expand and improve NoBrokerhood, which is currently used in 15,000 societies. The company is targeting expansion to 12 cities over the next two years and is also focusing on achieving profitability ahead of any potential IPO.
Agarwal said that the firm was adding 75 lakh customers every year and that its main focus was on profitability. "If we want to look for an IPO in coming years, this is one of the crucial matrix to cover. We want to become profitable in the next two years," he said.
The CEO also said that NoBroker was open to acquisition opportunities, but only if the target company could help the firm to improve existing technology or to scale quickly. "Our main focus now is on profitability," he said.
NoBroker's success has been driven in part by the COVID-19 pandemic, which has increased demand for online services as people have been forced to work and shop from home. With more people looking for new homes and offices online, the Indian real estate sector has seen a surge in activity in recent months, and NoBroker has been well positioned to take advantage of this trend.
NoBrokerhood, the company's society management system, has been particularly popular, as it offers a range of services designed to make life easier for people living in apartment complexes and gated communities. With the additional funding from Google, NoBroker will be able to expand its offerings and reach even more customers across India.
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