NoBroker

Last updated
NoBroker Technologies Solutions
Company type Private
ISIN INE08M103013
Industry Informational technology & services
Founded2013
Headquarters
Bangalore, Karnataka
,
India
Key people
Akhil Gupta
Amit Kumar Agarwal
Saurabh Garg
ProductsReal-estate services, Consumer services
Website www.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]

Contents

History

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

Funding

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

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

Case studies

Related Research Articles

Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition. This is much akin to the role of management in any business.

<span class="mw-page-title-main">Bruhat Bengaluru Mahanagara Palike</span> Administrative body for the city of Bengaluru

Bruhat Bengaluru Mahanagara Palike (BBMP) is the administrative body responsible for civic amenities and some infrastructural assets of the Greater Bengaluru metropolitan area. It is the fourth largest Municipal Corporation in India and is responsible for a population of 8.4 million in an area of 741 km2. Its boundaries have expanded more than 10 times over the last six decades.

<span class="mw-page-title-main">Economy of Bengaluru</span> Big network of Karnataka

Bangalore or Bengaluru, the capital city of the South Indian state of Karnataka, India. The economy of Bengaluru contributes over 43.65% to the economy of the State of Karnataka, accounting for 98% of the Software Exports of the State.

<span class="mw-page-title-main">Kempegowda International Airport</span> Airport serving Bangalore, Karnataka, India

Kempegowda International Airport is an international airport serving Bengaluru, the capital of the Indian state of Karnataka. Spread over 4,000 acres (1,600 ha), it is located about 35 km (22 mi) north of the city near the suburb of Devanahalli. It is owned and operated by Bengaluru International Airport Limited (BIAL), a public–private consortium. The airport opened in May 2008 as an alternative to increased congestion at HAL Airport, the original primary commercial airport serving the city. It is named after Kempe Gowda I, the founder of Bangalore. Kempegowda International Airport became Karnataka's first fully solar powered airport, developed by CleanMax Solar.

<span class="mw-page-title-main">JLL (company)</span> Real estate consultancy firm

Jones Lang LaSalle Incorporated (JLL) is a global real estate services company, founded in the United Kingdom with offices in 80 countries. The company also provides investment management services worldwide, including services to institutional and retail investors, and to high-net-worth individuals, as well as technology products through JLL Technologies, and VC investments via its PropTech fund, JLL Spark. The company is ranked 193 on the Fortune 500.

Tata Housing Development Company (THDC) is a fully owned subsidiary of Tata Sons, a holding company of the Tata Group.

Mantri Developers Pvt. Ltd. is a real estate company in India which has developed properties in Indian cities such as Bengaluru, Chennai, Hyderabad and Pune. Its constructions are used for residential, commercial, retail, hospitality, office, senior-living and educational purposes.

Housing.com is a Mumbai-based real estate search portal which allows customers to search for housing based on geography, number of rooms, and various other filters. The company has 6,000 brokers and serves 40 cities in India including Chennai, Mumbai, Bengaluru, Kolkata and Delhi.

<span class="mw-page-title-main">Bengaluru</span> Capital of Karnataka, India

Bengaluru, formerly called Bangalore in English, is the capital and largest city of the southern Indian state of Karnataka. It has a population of more than 8 million and a metropolitan population of around 15 million, making it India's third most populous city and fourth most populous urban agglomeration. It is the most populous city and largest urban agglomeration in South India, and is the 27th largest city in the world. Located on the Deccan Plateau, at a height of over 900 m (3,000 ft) above sea level, Bengaluru has a pleasant climate throughout the year, with its parks and green spaces earning it the reputation of India's "Garden City". Its elevation is the highest of India's major cities.

<span class="mw-page-title-main">Dhiraj Rajaram</span> Indian entrepreneur

Dhiraj C Rajaram is an Indian entrepreneur and the founder, chairman and CEO of Mu Sigma Inc, a provider of analytics and decision sciences solutions. He was born in 1975 Chennai, India and brought up in Bengaluru, India.

AppFolio is a company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.

Property technology is used to refer to the application of information technology and platform economics to the real estate industry. Property technology overlaps with financial technology, including uses like online payment and booking systems.

<span class="mw-page-title-main">Embassy Group</span> Privately-held real estate developer based in Bengaluru, India

Embassy Group or Embassy Property Developments Pvt. Ltd is a privately held real estate developer based in Bengaluru, Karnataka, India established in 1993. The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education. The company has developed projects in many Indian cities like Bengaluru, Chennai, Hyderabad, Pune, Coimbatore, Trivandrum etc. and two countries abroad. Embassy Group is headed by Jitu Virwani, Chairman & Managing Director of the group. Embassy also operates a real estate investment trust (REIT), called Embassy Office Parks REIT. Embassy Office Parks is the first listed REIT in India and the Asia's largest office REIT by area.

<span class="mw-page-title-main">Rapido (company)</span> Indian online bike taxi aggregator

Rapido is an Indian ride-hailing service, which primarily operates as a bike taxi aggregator. Its offerings also include auto rickshaw and taxicab hailing, parcel delivery, and third-party logistics services. Founded in 2015, the company is based in Bangalore and operates in over 100 cities, but has run into legal troubles in several locations where bike taxis are not legal.

<span class="mw-page-title-main">EaseMyTrip</span> Indian multinational online travel company

EaseMyTrip is an Indian multinational online travel company, headquartered in New Delhi. It was founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. The company provides hotel bookings, air tickets, domestic and international holiday packages, bus bookings, and white-label services. EaseMyTrip has overseas offices in Singapore, UAE and Thailand with country-specific websites for UAE, UK and Thailand.

Mygate is an app created to manage security and community living in housing societies. The app was launched in 2016, and as of November 2021, it claimed to serve over 25,000 housing societies across 27 cities in India. Mygate is owned by Vivish Technologies and headquartered in Bangalore.

<span class="mw-page-title-main">AreaVibes</span> Canadian data analytics and real estate company

AreaVibes is a data analytics and real estate company based in Toronto, which provides clients with demographic data and analysis focused on real estate in American and Canadian cities.

<span class="mw-page-title-main">Open Network for Digital Commerce</span> Indian private non-profit organisation

Open Network for Digital Commerce (ONDC) is a public technology initiative launched by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India to foster decentralized open e-commerce model and is led by a private non-profit Section 8 company. It was incorporated on 31 December 2021 with initial investment from Quality Council of India and Protean eGov Technologies Limited.

<span class="mw-page-title-main">Nirupa Shankar</span> Indian athlete

Nirupa Shankar is an Indian serial entrepreneur and athlete, and the joint managing director of Brigade Group, a publicly traded real estate company based in Bengaluru, Karnataka. She is the daughter of M. R. Jaishankar, who serves as the executive chairman of the company. Before her appointment as Joint Managing Director, she served as the executive director. In 2016, she launched Asia's first real estate accelerator, the Brigade Real Estate Accelerator Program (REAP), an initiative to help high-tech start-ups in the real estate sector.

Aurum Proptech is an Indian PropTech company headquartered in Navi Mumbai. Incorporated as a public Limited company in June 2013, owned by Aurum Ventures group founded by the Ashish Deora in 1999. The company is involved in the property technology business with technology, capital and services businesses.

References

  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. 1 2 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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.