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PE and hedge fund major Tiger Global may soon end up securing substantial stake in the real estate startup NoBroker. According to reports, Tiger Global along with existing investor General Atlantic are most likely to spearhead $100-130 Mn funding in the online real estate platform.
It will be NoBroker’s second funding round of the year if the deal does fructifies. It had raised $51Mn from General Atlantic and other investors barely few months ago.
Reports further claim that some existing investors may sell their stakes to Tiger Global and General Atlantic during the funding round. But names and identities of these investors could not be ascertained.
NoBroker claims that it helps people to find rental flats without any involvement of any brokers. Subsequently, customers as well as flat owners are relived from bearing the expense of real estate brokers. Currently, the company offers services in 6 cities – Mumbai, Bengaluru, Pune, Chennai, Gurgaon and Hyderabad.
Sources claim that investment in NoBroker is a part of Tiger Global’s holistic plan to seize opportunities in India’s burgeoning online real estate market. As per reports, the PE major is also all set to spearhead $55-60 Mn funding round in the real estate security app MyGate. Not to mention that it is already one of the prominent backers in Nestaway, which offers marketplace for shared rentals.
Last week, Tiger Global invested $25 Mn and $23 Mn in online stock market platform Upstox and food chain startup Wow! Momo Foods.
Although the overall economic slowdown may have taken a toll on India’s real estate sector but the nomadic millennials have ensured that the rental market remains stable and robust. Nomadic millennials mainly constitutes of students and working professionals who live in big metropolitan cities for pursuing job and higher education.
