NoBroker - Creating A Dalal-Free Real Estate Ecosystem In India

Chayanika Goswami Chayanika Goswami
Jan 23, 2021 9 min read
NoBroker - Creating A Dalal-Free Real Estate Ecosystem In India

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The content in this post has been approved by the organization NoBroker.

Anything that has to do with real estate, specifically as a purchaser, is convoluted and annoying. The constant nagging by middlemen and sellers, lack of fluid communication, and running helter-skelter to get the paperwork done are just a few of the obstacles in the world of real estate. However, there's a shining light at the end of this real estate tunnel!

NoBroker, a Bangalore-based startup in the real estate search domain, is connecting flat owners with tenants/buyers directly and making buying-selling of real estate simpler. Read on to know more about NoBroker, how NoBroker works, its owner, their business model, revenue model, competitors, app, founders, and valuation.

NoBroker - Company Highlights

Startup Name NoBroker
Headquarters Bengaluru
Co-founders Amit Kumar Agarwal, Saurabh Garg, and Akhil Gupta
Founded 2014
Sector Real Estate
Founded 2014
Legal Name NoBroker Technologies Solutions Private Limited
Website nobroker.com

NoBroker - About and How NoBroker Works
NoBroker - Founders and Team
NoBroker - The Idea
NoBroker - Business Model
NoBroker - Revenue Model
NoBroker - Growth and Revenue
NoBroker - Funding and Investors
NoBroker - Competitors
NoBroker - Future Plans
NoBroker - FAQs


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NoBroker - About and How NoBroker Works

As the name suggests, NoBroker’s vision is to remove the need for brokers in real estate related dealings. The portal eliminates the presence of middlemen who are known to eat away exorbitant amounts from the purchaser in the name of commission. It does not charge any brokerage from either party. Founded in 2014, the company claims to have nearly 70 lakh cumulative customers and is operational in 6 cities: Mumbai, Bangalore, Pune, Chennai, Hyderabad, and Delhi NCR.

NoBroker also introduced a crowdsourcing feature through which users can put up rental listings. This way, anyone can click and upload a picture of any TO-LET board with the genuine owner details. The startup also pays people in case a conversion happens.

The NoBroker team has analyzed the entire value chain of house hunting and replaced everything that a broker does with technology, something different from other online real estate portals. NoBroker gives smart recommendations to customers based on real-time data and assists in informed decision making.

The user has to give a missed call or leave a WhatsApp message for property listing. An executive then calls and helps him/her list the property. Potential tenants can then go through the listings using specific search options and filters. They can then directly contact the landlord to close the deal. One can also make custom rental agreements on NoBroker.

Nobroker old office
NoBroker old office

The portal has gone as far as removing certain listings that discriminated on gender and religion. The services can be accessed both from the company's website and the NoBroker app. The app allows users to look for property, list property, find flat-mates, communicate with potential buyers/sellers/tenants, and much more in a hassle-free manner.


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NoBroker - Founders and Team

NoBroker was founded by IIT Bombay and IIM Ahmedabad graduates—Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg. The NoBroker owners realized that brokers do not add value in a real estate transaction and still charge massive fees.

owners of nobroker
(L-R) Amit Kumar Agarwal, Akhil Gupta, Saurabh Garg

Akhil Gupta is the Chief Tech and Product Officer of NoBroker. An alumnus of IIT Bombay, Akhil worked as an engineer at Oracle and as a technical lead at PeopleFluent (a software-as-a-service talent management solutions provider) before joining NoBroker.

NoBroker CEO Amit Agarwal is an IIT Kanpur graduate. He has had several stints; he was an analyst at Cognizant, a principal consultant at PwC, and the associate director at Australia New Zealand Bank Group before starting his own venture.

Saurabh Garg is the CBO of NoBroker. He's also the co-founder and director of The Four Fountains Spa. Saurabh is an alumnus of IIT Bombay.

NoBroker - The Idea

The idea came from pathetic experiences with brokers and the unavailability of a favorable solution. NoBroker was founded because the co-founders (Amit Agarwal and Akhil Gupta) believed that paying hefty brokerage wasn't necessary for finding a new home. The idea was conceived in late 2013 and the website was launched in March 2014.


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NoBroker - Business Model

NoBroker is a peer-to-peer site that allows home owners/sellers and prospective tenants/buyers to connect directly, eliminating the need for a broker. It offers a subscription business model for tenants/owners as well as the property owners/sellers.

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NoBroker - Revenue Model

The NoBroker revenue model has two components:

  • Attracting advertisements from furniture start-ups (it claims over 2.5 million user visits per month). NoBroker also earns revenue by offering services like connecting tenants with movers and packers and drafting rental agreements.
  • Second, the company offers various packages as per the requirements of house owners and sellers and tenants/buyers who are looking for a house. The price of these packages varies on the basis of the services included in the package. As revealed by the founders, 70% of NoBroker's revenue comes from subscription plans.

The rental agreement services provided by NoBroker has made life easy for both tenants and house owners. This is how you can get your rental agreement done with NoBroker:

  1. NoBroker prepares the draft of leave & license agreement between the parties as per legal requirements.
  2. After approval from both the parties, the NoBroker team gets the document stamped.
  3. Execute the agreement between both parties.
  4. Enter the agreement details online for registration.
  5. Book an appointment on your behalf.
  6. Complete the process on registration day with you.
  7. Once the agreement is done, the same is sent to the tenant's/house owner's address, be it a weekday or weekend.

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NoBroker - Growth and Revenue

In the fiscal year 2018, NoBroker revenue from operations amounted to INR 8.6 crore while the company recorded a loss of INR 31.4 crore. NoBroker reported 48% increase in losses in the financial year 2019 at INR 46.5 crore.

According to 2019 data, the company adds around 1.5 lakh new properties to its website and closes on an average of 15,000 properties every month. While 85% of the properties listed on the platform is for rentals, around 15% is listed for sale. As said by NoBroker owner Amit Kumar in an interview, the company is adding 280,000 new users each month.

Nobroker team
NoBroker team

The major factor for its fast-paced growth is the ‘click and earn’ program it runs to incentivize individuals who add listings on the website. Users that run into a property listed offline simply take a photo of the building and send the details. On receiving the info, the team follows up on the lead and calls the owner. If the property is listed, the user who snapped the first photo is compensated with 100 INR (around $1.50) in their Paytm wallet. The feature itself is responsible for around one-third of all new listings on NoBroker, a highly impressive statistic!


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NoBroker - Funding and Investors

NoBroker has raised a total of $214.5 million in funding over 10 rounds.

Date Stage Amount Investors
March 2014 Angel round - Saurabh Garg
February 2015 Series A $3 Million Fulcrum Venture India, SAIF Partners
February 2016 Series B $10 Million SAIF Partners, BEENEXT, Digital Garage, Beenos Partners & rocketship.vc
December 2016 Series B $7 Million SAIF Partners, BEENEXT, Digital Garage, KTB Ventures
June 2019 Debt Financing $2.4 Million Trifecta Capital Advisors
June 2019 Series C $51 Million SAIF Partners, General Atlantic, BEENEXT, rocketship.vc
September 2019 Venture Round $51 million Tiger Global Management
October 2019 Series D $50 Million Tiger Global Management, General Atlantic
November 2019 Venture Round $10 Million General Atlantic
April 2020 Series D $30 million General Atlantic

As reported in July 2019, NoBroker was valued at $311 million. After the investment made in NoBroker by Tiger Global Management and General Atlantic in October 2019 and November 2019, NoBroker' estimated valuation is around $371 million. This is about a 16.24% jump in valuation from July 2019.

NoBroker's investors are Fulcrum Venture India, SAIF Partners, Beenext, Digital Garage, Beenos Partners, Rocketship.vc, KTB Ventures, Trifecta Capital Advisors, General Atlantic, and Tiger Global Management.

NoBroker - Competitors

The company is up against some formidable rivals in the Indian property segment. The top competitors of NoBroker are SoftBank-backed Housing.com and PropTiger (which has received funding from News Corp). Other competitors include Quikr, Magicbricks, and 99Acres.


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NoBroker - Future Plans

NoBroker has immediate plans of expanding within India, but it also has its eyes set on the overseas market. The company has a firm belief in expansion as the path to reap dividends. It is aiming to reach 20 cities in India in the next 2-3 years. The company is also looking forward to close 20,000 to 25,000 transactions every month by the end of FY 2020.

NoBroker - FAQs

Who are the Founders of NoBroker?

NoBroker was founded by IIT Bombay and IIM Ahmedabad graduates—Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg.

What is NoBroker?

NoBroker, a Bangalore-based real estate search portal, is connecting flat owners with tenants/buyers directly and making buying-selling of real estate simpler. NoBroker removes the need for brokers in real estate related dealings.

How much is the Revenue of NoBroker?

In the fiscal year 2018, NoBroker revenue from operations amounted to INR 8.6 crore while the company recorded a loss of INR 31.4 crore. NoBroker reported 48% increase in losses in the financial year 2019 at INR 46.5 crore.

How NoBroker makes money?

Around 70% of NoBroker's revenue comes from the subscription plans it offers on various packages. Advertisements from furniture start-ups also contribute significantly as NoBroker claims over 2.5 million user visits on its website per month. NoBroker also earns revenue by offering services such as connecting tenants with movers and packers and drafting rental agreements.

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