General Atlantic leads $51 million NoBroker funding
Real estate platform NoBroker hits near $160-m valuation after the recent round while local language content platform catches the eye of Qiming Venture Partners.
NoBroker is an online real estate listing platform for buying and renting properties. It also offers other services such as rental agreements and rent payments. The company does not charge any brokerage from either party up to a certain limit, but offers packages ranging from Rs 999 to Rs 5,999 for other services.
“As much as 70% of our revenue comes from subscription plans where we connect owners and tenants or buyers and sellers,” said Akhil Gupta, cofounder, NoBroker.
For the fiscal year 2018, NoBroker’s revenue from operations stood at Rs 8.6 crore on a loss of Rs 31.4 crore, the filings showed.
NoBroker plans to expand its services to the top 10 cities in the next one year, and build its technology stack and recommendation engine, Gupta said.
Furniture and appliance rentals, rent payments through credit card, and a facility to hire movers and packers are the other new business lines for NoBroker in the rentals space.
For its buy and sell business, the company is looking to establish direct relationships with builders and also launch a more sophisticated home loan product, and interior decoration services. It also has a commercial business listing offering. Across its business verticals, NoBroker competes with the likes of Nestaway, Prop-Tiger, 99Acres and MagicBricks, a part of the Times group, which also publishes this paper.