Tiger Global-backed NoBroker’s valuation surges to $361 mn

Bengaluru-based real estate platform NoBroker's valuation surged to around $361 million after it raised funds from Tiger Global and General Atlantic last year, Entrackr reported.

NoBroker has brought a new flavour for a house-hunting process that is majorly centred around brokers. The six-year-old firm has been growing steadily and has come a long way in the consumer-facing property tech space.

While the firm was not in the limelight until the first half of last year, it surprised many by raising back to back rounds worth $50 million each from Tiger Global and General Atlantic last year. With $100 million infusions, the company’s valuation also took a significant jump.

According to regulatory filings, NoBroker has approved allotment of 10,881 C2 CCPS shares at Rs 65,125.82 each to General Atlantic. It issued shares to Tiger Global at a similar price. Entrackr’s back of the envelope estimate outlines that the company was valued about $361 million.

This is about 16.24% jump in valuation from July 2019. According to the valuation report filed by the company, it was valued at about $311 million as of 31 July 2019. NoBroker had raised about $51 million from General Atlantic in June, and four months later it scored another $50 million from Tiger Global.

Post these rounds, General Atlantic owns about 25.08% equity in NoBroker while SAIF Partners has 23.94% ownership. Tiger Global holds 11.02% stakes in the Bengaluru-based firm. Co-founders Amit Kumar and Akhil Gupta own 7.63% each.

Currently operational in Mumbai, Bengaluru, Pune, Chennai, Hyderabad and Gurugram, NoBroker claimed three million properties on its platform and served more than seven million people since its inception.

For the unaware, NoBroker doesn’t involve intermediaries and enables house-hunting through a paid subscription. Besides rental, it also facilitates buy and sell transactions among other services. Recently, the company acquired cloud-based application, SocietyConnect in an all-cash deal.

NoBroker certainly has brought some innovation to property tech space. It has become a meaningful way to find apartments and houses in top metros. With $100 million in its kitty, the firm has been chasing scale and would eventually expand to several new cities. Going forward, it will be interesting to see how NoBroker scale and evolve from here.