NoBroker Technologies Solutions has raised an additional $30 million (about Rs 231 crore) from existing investor General Atlantic (GA), the online real estate search platform said in its filings with the Registrar of Companies.
The investment by the bulge-bracket private equity firm, made through General Atlantic Singapore NT Pte, is part of NoBroker’s Series D financing round, and is the PE firm’s third capital infusion into the Bengaluru-headquartered company since it initially invested in June last year.
The investment is expected to value NoBroker at about $400 million, with the PE firm having pumped in about $80 million in the six-year-old company till now.
In June last year, GA had invested $40 million, which was followed by a $10 million cheque in October, in a round that was led by New York-based Tiger Global Management, which had put in about $40 million.
According to the filings accessed by business intelligence platform Tofler, GA has been allotted 33,187 Series C2 Compulsorily Convertible Cumulative Shares at a price of Rs 65,115.82 per share. Senior company executives said the Series D funding round is now closed.
After the closure of the transaction, GA will hold a shade below 31% in NoBroker, making it the largest institutional investor in the company.
Separately, SAIF Partners, an early backer of NoBroker, holds 22.08% stake in the company, while Tiger Global, which invested late last year, holds 10.17%, according to the filings. The three founders—Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg— cumulatively own about 19% of the company they founded in 2014.
NoBroker claims to have more than 3.5 million properties registered on its platform, serving more than 8.5 million individuals.
This is the latest transaction by the blue-chip PE firm into India’s startup ecosystem. In February, ed-tech company Unacademy had announced a $110 million funding round, led Facebook and General Atlantic.
Additionally, the firm has also been doubling down on Think and Learn, which owns and operates ed-tech platform Byju’s Learning App, having put in close to $100 million in tranches in the same month.
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