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Wednesday, November 29, 2023

Google invests in No Broker to enhance real estate experience for users

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In order to improve user experience and make the user’s complete real estate journey, from looking for a property to living in a housing society, seamless, Google and NoBroker will work together.

NoBroker, a prop-tech real estate firm, has acquired $5 million in financing from Google Corporate Development, which is part of SundarPichai’s Google for India Digitization initiative, to develop its services business NoBrokerhood.

Pichai previously stated that this fund will invest Rs 75,000 crore, or around $10 billion, in India over the next five to seven years.

With this financing, Google joins the current investors General Atlantic, Tiger Global and Moore Strategic Ventures in its Series E round.

Google and NoBroker will work together to improve user experience and make a user’s whole real estate journey – from locating a property to living in a housing society – a seamless experience.

The present capital will allow it to reach out to more clients in existing and new locations, as well as expedite the complete real estate process, from search to moving residences, and even managing society living seamlessly with the use of technology.

NoBrokerHood, which presently has 25 lakh users, engages in renting, buying, selling, home services, banking services, and society management services.

NoBroker, founded in 2014 by Akhil Gupta, SaurabhGarg, and Amit Kumar Agarwwal, became a unicorn in November 2021 after earning $210 million in a Series E fundraising round from General Atlantic, Tiger Global, and Moore Strategic Ventures. The investment pushed the startup’s total capital to $424 million.

NoBrokerHood is a society super app that provides services such as guest management, financial management, home services, community management, and legal verification. In February 2020, it bought Society Link in order to merge the financial module with its other services on a single platform.

About a million homes have been registered on the NoBroker platform, and over 2.5 million people have utilisedNoBroker services.

According to the business, it has assisted consumers in saving brokerage to the tune of Rs 11,000 crore in rent/buy/sell transactions to date.

Google, General Atlantic, Tiger Global, Elevation Capital, Moore Strategic Ventures, Beenext, Beenos, and KTB Ventures have all invested in the platform.

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