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Tiger Global-funded NoBroker unveils Rs 32 cr ESOP buyback prog

Tiger Global-funded NoBroker unveils Rs 32 cr ESOP buyback prog
Credit: 123RF.com

Real estate platform NoBroker on Tuesday announced a Rs 32.2 crore (around $4.2 million) employee stock ownership plan (ESOP) buyback programme for its former and current employees. 

The firm in a statement said that the opportunity to liquidate the stock options is being provided to around 95 former and current staff of the 57% total strength. 

NoBroker, founded in 2013 by IIT alumni Saurabh Garg, Amit Kumar Agarwal and Akhil Gupta, offers a tech-based brokerage-free real estate platform, which enables users to buy and sell as well as rent properties across six key metros including Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR.  

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Currently, NoBrokerHood has close to 60 brand sellers on its platform and plans to scale its presence from 10,000 gated communities to 100,000. 

In November 2021, the company raised $210 million as a part of its latest Series E funding round led by General Atlantic, Tiger Global Management and Moore Strategic Ventures.  

It claimed to have become the first property tech (proptech) and real estate startup to achieve a ‘unicorn’ status. A ‘unicorn’ is a privately held startup with a valuation of $1 billion. 

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In 2020, US-based private equity firm General Atlantic made a follow-on investment of $30 million (around Rs 230 crore) in NoBroker as part of the property listings portal’s extended Series D financing round. 

The company raised $51 million (around Rs 354 crore at the current exchange rate) in a Series C round of funding led by private equity firm General Atlantic in 2019. 

The platform also raised a funding of $361 million from marquee investors and angel investors including General Atlantic, Tiger Global, Elevation Capital, Moore Capital, Beenext, Vijay Shekhar Sharma, Anand Chandrasekaran, among others. 

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