Real estate platform Nobroker aims Rs 1,000 cr revenue in FY24: Co-founder

Nobroker, the real estate platform that directly connects property owners with tenants and buyers, expects to touch Rs 1,000 crore revenue-mark this year as it has been doubling its billing since 2020, one of the co-founders said.

Founded by Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg in Bengaluru in 2014, Nobroker was the first proptech unicorn (over USD 1 billion valuation) and is now majority owned by external investors such as Tiger Global, General Atlantic and Elevation Capital which collectively have pumped in over USD 350 million over the years.

Late last year, Google too chipped in with USD 3 million for the company.

According to the co-founder and chief technology officer Akhil Gupta, now, the promoters collectively own around 20 per cent of the company, which is present only in Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune.

“We have been doubling our topline since 2020 when we grossed USD 27 million. We do not disclose revenue numbers before filing to the corporate affairs ministry, which we do every second year.

“We are growing topline by minimum 100 per cent on-year. Our revenue is in three-digits in USD terms and close to four-digits in rupee now on an annual run rate basis,” Gupta told PTI.

He also expressed confidence that at the current run rate and the expansion into higher margin services businesses, Nobroker should have revenues of USD 1 billion over the next five years and at that time, it will also look at going public.

The higher margin services include facility management/home services under the newly launched Nobrokerhood, property management services and society management services.

He noted that they are not under any pressure from the external investors to exit “but we want to give them a chance to exit at higher valuation with the proposed public share sale”.

In the first six months of 2023, Nobroker has seen a 50 per cent growth in real estate transactions across its verticals such as rent, buy, sell and home services.

Even today, only 5 per cent of the services are paid, he said, adding that there are 3 crore registered users on its platform. He also claimed that these users collectively saved Rs 15,000 crore in brokerages to date across the six markets where it is present.

Gupta ruled out entering more cities in the medium terms, saying “we haven’t yet reached the potential in the six markets where we are in now”.

Over the years, he said Nobroker has helped over 3.6 lakh tenants find a home and over 3.25 lakh people find their dream homes.

When it comes to listing, it has had over 80 lakh properties for renting, and over 30 lakh properties listed for sale, he added.