NoBroker's revenue grew over 2.6 times in FY21 to ₹166.6 crore from ₹63.4 crore in the previous year.
NEW DELHI : Tiger Global-backed proptech platform NoBroker aims to become profitable in the next two years, despite fears of an impending global recession affecting consumer sentiment and high loan rates making homes costlier.
“We are targeting to become cash flow positive by FY2025,” said Amit Kumar Agarwal, CEO and Co-Founder, NoBroker. Global and Moore Strategic Ventures. A unicorn is a privately held company with a valuation of $1 billion or more.
NoBroker's revenue grew over 2.6 times in FY21 to ₹166.6 crore from ₹63.4 crore in the previous year. However, the losses increased from ₹79.2 crore to ₹189.6 crore during the period. The company is yet to file its FY22 results with the Registrar of Companies.
Agarwal declined to disclose FY22 results and estimates for this financial year. However, he added that the company's revenue is growing in the range of 150% to 200%. NoBroker was founded in 2013 by IIT alumni Saurabh Garg, Amit Kumar Agarwal and Akhil Gupta. It started as an online property search platform that allowed buyers and renters to find homes without any brokerage.
The company later diversified into offering real estate services such as home interiors, and packers and movers, apart from acting as a payment gateway to let tenants pay rent directly to home owners. In 2018, it launched Nobrokerhood, a society management and accounting platform that rivals Apna Complex, owned by Anarock Group, along with MyGate, another Tiger Global-backed firm.
Aggarwal said expansion into multiple segments has allowed the company to diversify its portfolio and give it multiple engines of growth. Currently, residential rentals and sales are the major contributors to NoBroker's real estate revenue. However, in the last few months, the company has seen a rapid growth in commercial business after the abatement of the pandemic, Agarwal said.
Going forward, real estate will continue to be a key focus area for NoBroker as it continues to build the platform as a one-stop shop for all real estate needs, said Agarwal, adding that its focus will be on packers and movers, home services will be on. home interiors, and nobrokerhood.
India's housing market is expected to remain stable, defying a global downward trend, in line with the country's economic growth, according to a Reuters poll released last month citing property experts.
Aggarwal is also very excited about the growth of this segment and said that the industry is in a very good shape at the moment. He is confident of continued growth of the industry for at least the next decade.
On the prevailing high lending rates, he pointed out that even though the repo rate of 6.25% seems high, it is actually at the lower end of the historical repo rates of 6% to 8%. “Home loans are still very affordable and we are seeing demand rising rather than slowing down.”
In India's proptech segment, NoBroker competes against Makaan, Magicbricks, Housing and PropTiger among others. Private equity investment in space rose 5% to $270 million in the first half of 2022, showing no signs of investor fatigue even in an unfavorable market scenario.
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