Online land rental stage NoBroker.com as of late declared that it has brought USD 30million up in Series D financing round by General Atlantic. Apparently, this is the third investment made by the Singapore-based Venture Capitalist firm in the startup.

The company explained, this is a further extension of Series D financing, as a part of which it had brought USD 50 million up in October 2019. The past round was driven by Tiger Global and General Atlantic had also taken an interest.
The company intends to invest the new funding in its financial services so it could be accessible to more people.

Prior to February 2020, the company had acquired Society Connect, a society management platform in an all-cash to strengthen its own society management app NoBrokerHood.

So far the company has secured US$ 151million from investors. The Bengaluru-headquartered platform professes to have more than 3.5 Million properties enrolled with it in six urban areas — Mumbai, Pune, Bengaluru, Chennai, Delhi-NCR and Hyderabad.

Remarking on the investment, Managing Director of General Atlantic, Shantanu Rastogi stated, “NoBroker’s product and service innovations to reduce transaction cost, deliver convenience, enhance transparency and improve choices are driving important organic listings subscriptions on its platform. NoBroker Hood, NoBroker Home Services and NoBroker Pay and several such innovations are deepening the engagement of owners, buyers, community residents and tenants with the platform making it a go-to destination beyond its core services of rental and sale transactions.”

The real estate sector in India is fueled by rapid urbanization and rural migration to urban communities. The country has the biggest number of proptech startups (77 of 179 funded proptech startups) in Asia-Pacific. The real estate sector in India is expected to reach a market size of $1 Trillion by 2030 from $120 Billion in 2017 and contribute 13% of the country’s GDP by 2025.

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