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 Indian proptech company that runs a real estate marketplace. [1]

Contents

Contrary to its original motives, the company began charging property owners a subscription fee to access additional tenant data in Bengaluru and Chennai straying away from its no-brokerage policy. [2]

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 connecting flat owners and tenants. In October 2015, the company expanded its operations to include the resale of properties. [3] In November 2021, it became 36th unicorn in India for that year. [4]

NoBroker's broker-free operation is based on consumer-to-consumer (C2C) marketplace model. [5] [6] [7]

As of 2022, the company clocks more than 5,00,000 transactions yearly, and more than 75 lakh properties are registered on the portal. [4] As of 2023, the company's services are available in Bangalore, Chennai, Delhi National Capital Region, Hyderabad, Mumbai, and Pune. [8]

Products

Funding

As of 2023, the company has secured a total of $361 million in funding from investors including Tiger Global Management, General Atlantic, Beenext, KTB Ventures, Moore Capital Management, Elevation Capital, Anand Chandrasekaran, Elevation Capital, Vijay Shekhar Sharma, [14] and Google. [15]

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. [16] [17] The brokers had to vacate the premises as staff called in local law enforcement for assistance. [18]

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. [19] Conversely, MyGate had alleged NoBroker of engaging in comparable data theft. [20]

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. [2] 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

References

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