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NoBroker

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NoBroker Technologies Solutions
Company typePrivate
ISININE08M103013
IndustryInformational technology & services
Founded2013
Headquarters
Bangalore, Karnataka
,
India
Key people
Akhil Gupta
Amit Kumar Agarwal
Saurabh Garg
ProductsReal-estate services, Consumer services
Websitewww.nobroker.in

NoBroker is a Bangalore-based brokerage-free proptech company that provides all sorts of real estate services under a marketplace, which includes buying, renting, packers & movers, and home services.[1]

History

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The company was founded in 2013 by Indian Institute of Technology alumni Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg as a real estate search portal directly connecting flat owners and tenants. In October 2015, the company expanded its operations to include the resale of properties.[2] In November 2021, it became 36th unicorn in India for that year.[3]

NoBroker's broker-free operation is based on consumer-to-consumer (C2C) marketplace model.[4] Unlike a business-to-consumer (B2C) model where brokers contribute supply and the startup focuses on demand, a C2C approach necessitates the company to handle both supply and demand.[5] The company's C2C model employs a proprietary property discovery algorithm, considering commute and livability scores, along with property features. A machine learning algorithm then determines the suitable rental amount based on listing attributes, livability score, and historical data.[6]

As of 2022, the company clocks more than 5 00,000 transactions yearly, and more than 75 lakh properties are registered on the portal.[3] Currently, the company's services are available in Ahmedabad, Bangalore, Chennai, Delhi National Capital Region, Hyderabad, Mumbai, and Pune.[7]

Products

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  • NoBrokerhood, a “gated-community” app for society management.[8] In 2021, the app introduced the explore feature, enabling homeowners in listed societies to access essential services in addition to buying and selling their used items.[9] By 2023, the application became a part of the Government of India's Open Network for Digital Commerce.[10][11]
  • CallZen.AI, a conversational intelligence tool.[12]

Funding

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To date, the company has secured a total of $361 million in funding from a variety of investors, including Tiger Global Management, General Atlantic, Beenext, KTB Ventures, Moore Capital Management, Elevation Capital, Anand Chandrasekaran, Elevation Capital and Vijay Shekhar Sharma, the founder of Paytm.[13]

In May 2023, NoBroker secures financial support from Google to enhance its home search and society management services.[14]

Controversies

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In late 2015, the Bengaluru office of the company experienced an assault orchestrated by over 40 local property agents and brokers. The group not only threatened the employees but also attempted to physically harm them.[15][16] The brokers had to vacate the premises as staff called in local law enforcement for assistance.[17]

In 2020, NoBroker initiated legal proceedings against MyGate, alleging that the latter unlawfully acquired NoBroker's exclusive customer database. MyGate was accused of reaching out to NoBrokerHood customers with the intention of promoting its services.[18] Conversely, MyGate had alleged NoBroker of engaging in comparable data theft.[19]

A 2024 report by The Ken revealed that the company has shifted from its original no-brokerage policy and has started charging property owners a subscription fee to access additional tenant data in Bengaluru and Chennai.[20] That same year, the publication also reported that the company was involved in anti-competitive practices, attempting to force out competitors like MyGate from various residential communities by offering its society management application for free.[21]

Publications

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Case studies

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  • Bajaj, Preeti (2017). "NoBroker: The Real Estate Disruptor". The Case Centre. New Delhi: Amity University.
  • Ramakrishna, N (2020). "Technology Startups in Real Estate Broking: The Case of NoBroker". Portfolio Organizer. XVII (6). Pune: National Institute of Construction Management and Research: 25–31.

References

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  1. ^ Singh, Manish (2021-11-23). "NoBroker becomes India's first proptech unicorn with fresh $210 million funding". TechCrunch. Retrieved 2023-11-11.
  2. ^ Venkatesh, Shruti (27 October 2015). "NoBroker.com Ventures Into Property Resale". Forbes India. Retrieved 2023-11-11.
  3. ^ a b Shanthi, S. (2022-01-13). "NoBroker's Journey To Becoming India's First Proptech Unicorn". Entrepreneur. Retrieved 2023-11-11.
  4. ^ Sinha, Suveen K. (2016-08-16). The Tip of the Iceberg: The Unknown Truth Behind India's Start-Ups. Penguin UK. ISBN 978-93-86057-53-2.
  5. ^ Meghani, Varsha. "How NoBroker Turned House-hunting On Its Head". Forbes India. Retrieved 2023-11-11.
  6. ^ Madanapalle, Aditya (2017-09-11). "How NoBroker uses data science and machine learning to help users identify suitable properties". Firstpost. Retrieved 2023-11-11.
  7. ^ Rudra, Tapanjana (2022-03-31). "Proptech Unicorn NoBroker Enters Home Interiors Market With An INR 100 Cr Budget". Inc42 Media. Retrieved 2023-11-11.
  8. ^ Gupta, Arbind (12 December 2022). "How NoBroker.com changed the course in real estate". Business India. Retrieved 2023-11-11.
  9. ^ Khan, Sobia (2021-08-16). "NoBrokerHood introduces Explore, becomes superapp for neighborhood". The Economic Times. ISSN 0013-0389. Retrieved 2023-11-11.
  10. ^ "NoBrokerHood, a visitor, society and payment management app joins the ONDC network". The Hindu Business Line. 2023-09-20. Retrieved 2023-11-11.
  11. ^ "NoBrokerHood Onboards The ONDC Network". Outlook India. 2023-09-25. Retrieved 2023-11-11.
  12. ^ "NoBroker introduces conversational intelligence tool for businesses". The Hindu Business Line. 2023-10-13. Retrieved 2023-11-11.
  13. ^ Choudhury, Deepsekhar (24 November 2021). "Proptech start-up NoBroker enters unicorn club with $210 mn funding". Business Standard. Retrieved 11 November 2023.
  14. ^ Paul, Binu (2023-03-01). "Google backs online real estate portal NoBroker". Business Today. Retrieved 2023-11-11.
  15. ^ Sarkar, Debashis (18 September 2015). "Sign of things to come? Property brokers rough up NoBroker.in CEO and employees". The Indian Express. Retrieved 11 November 2023.
  16. ^ "NoBroker office attacked by 40-50 real-estate brokers in Bangalore". The Financial Express. 2015-09-16. Retrieved 2023-11-11.
  17. ^ Poovanna, Mihir Dalal,Sharan (2015-09-15). "NoBroker office attacked in Bengaluru". Livemint. Retrieved 2023-11-11.{{cite web}}: CS1 maint: multiple names: authors list (link)
  18. ^ Chengappa, Sangeetha (2020-06-30). "NoBroker, MyGate in legal tangle amid Covid crisis". The Hindu Business Line. Retrieved 2023-11-11.
  19. ^ Bhalla, Tarush (2020-06-29). "NoBroker, myGate accuse each other of data theft, file FIRs". mint. Retrieved 2023-11-11.
  20. ^ Bagur, Gaurav (2024-06-27). "Nobroker is no longer no broker". The Ken. Retrieved 2024-10-21.
  21. ^ Ramanathan, Arundhati (2024-01-30). "Nobroker wanted to eat Mygate's lunch. But housing societies had other ideas". The Ken. Retrieved 2024-10-21.
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