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Proptech startup NoBroker said it has raised $210 million in its Series E funding round, with its valuation crossing $1 billion and making it the latest entrant to the coveted unicorn club.

The funding round was led by General Atlantic, Tiger Global, and Moore Strategic Ventures.

NoBroker.com, which has now become India’s first proptech unicorn, said it will use the funds to grow its community app and marketplace NoBrokerHood from 10,000 societies to one lakh societies over the next two years; improve its tech infrastructure; invest in its home and financial services; integrate AI/ML to make the process of finding and listing a rental hassle-free; and deepen its investments in resale and primary sale verticals.

NoBroker.com has nearly 75 lakh properties registered on its portal, and more than 1.6 crore people have used its services, it claimed.

“NoBroker’s digital-first approach to efficiently solve renting, buying, maintenance, and related needs for real-estate owners, tenants, buyers, residential societies, and developers is paradigm-shifting,” said Shantanu Rastogi, Managing Director at General Atlantic.

“Focused execution, with a customer-first mindset of the founders, bodes well for NoBroker’s continued penetration in this market solving for the toughest problems,” he added.

Founded in 2013 by Akhil Gupta, Amit Kumar Agarwal and Saurabh Garg, NoBroker.com enables users to not only look for brokerage-free houses on rent, but helps them move, get home loans, avail cleaning and home painting services, pay rent, and access legal services, among others.

The idea of NoBroker.com was borne out of co-founder Saurabh Garg’s bitter experience while searching for a house in Mumbai. Unable to find a house without having to pay brokerage on classifieds and rental platforms, Saurabh said that this was an Indian problem that needed India-specific solutions.

Going ahead, it wants to become a one-stop-shop for customers for their real estate needs, the founders told Shradha Sharma, Founder and CEO of YourStory Media at TechSparks 2021.

The startup has raised $361 million in funding, so far, and currently operates across six cities.

“The NoBroker team has already improved the home rental and transaction process for millions of consumers, and now they are bringing the same compelling user experience to a variety of other services in the homeownership and rental journey,” said James McIntyre, Senior Managing Director and COO at Moore Strategic Ventures.

The Indian startup ecosystem has added 36 new entrants to the coveted $1 billion valuation club over the last ten months. Some of these include category-leading companies such as Moglix (B2B commerce), Zeta (fintech), BrowserStack (SaaS), BlackBuck (logistics), Droom (automobile), Ofbusiness (B2B commerce), BharatPe (fintech), MindTickle (sales enablement), upGrad (higher education), and CoinDCX, among others.