Realty platform NoBroker aims for Rs 1,000 crore revenue in 2023-24

Real estate platform NoBroker expects to touche the Rs 1,000 crore revenue milestone in the current financial year. The company 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 is majority owned by external investors such as Tiger Global, General Atlantic and Elevation Capital, which collectively have pumped in over $350 million over the years, according to a statement by the company.

Last year, Google too chipped in with $5 million for the company. This money will go towards the newly launched NoBrokerHood, property management and society management services.

According to NoBroker Co-founder and Chief Technology Officer Akhil Gupta, the promoters collectively own around 20 per cent of the company, which is present in Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai and Pune.

"We have been doubling our topline since 2020 when we grossed $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 a year-on-year basis. Our revenue is in three-digits in dollar terms and close to four-digits in rupee now on an annual run rate basis," Gupta said. 

He expressed confidence that at the current run rate and the expansion into higher margin services businesses, NoBroker should have revenues of $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 NoBrokerHood.

He also said the company is not under any pressure from external investors to exit "but we want to give them a chance to exit at a higher valuation with the proposed public share sale".

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

Even today, only five per cent of the services are paid, he said, adding that there are 30 million 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 more than 3,60,000 tenants find homes and more than 3,25,000 people find their dream homes.

When it comes to listing, it has had more than 8 million properties for renting, and over 3 million properties listed for sale, he added.