NoBroker: Founders, Fundings, Business Model, And Competitors

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Are you tired of dealing with the brokerage charges and wasted your time and energy in finding your dream home? It is not a new issue, and we come across this kind of problems every day.

The real tech startup ‘NoBroker’ took the initiative to solve the massive brokerage issues and help people find the desired homes within their budget with no middlemen involved.

Let’s dig in detail about the company and its functioning.

About NoBroker

Nobroker is a new home rental portal which assists people in finding a new home without any brokerage payment issue. The platform provides a verified listing to ensure you find your dream home by contacting directly with owners. The process is an essence in saving time and effort by getting the accurate information about the property and nearby details making it a more natural way to shortlist the property without visiting it.

Founders

The idea of NoBroker was conceptualized in late 2013 and launched the platform in March 2014 by IIT and IIM graduates Amit Kumar Agarwal, Saurabh Garg, and Akhil Gupta. The concept of starting a real tech portal with no brokers involved came from their personal experiences.

The company says that the brokers begin with showing the degraded and non-moving version of flats in the given rental range, which will not suit the requirement and eventually results in a waste of time and causing inconvenience in not finding a suitable house. To bring change in the home rental methods, the trio initiated to alter the inefficiency and help customers in choosing the perfect home.

Business Model

The company operates on a P2P rental marketplace and has 3 revenue models namely Freemium model for tenants, Freedom plan, and Relax plan.

With no brokerage charges, the company service package ranges from Rs 999 to Rs 5,999. The real tech startup uses AI and Machine Learning algorithms to gather all sort of data. NoBroker created an algorithm which identifies and bans brokers from the portal.

Fundings And Competitors

NoBroker has raised a total of $20M with 8 investors that include SAIF Partners and BEENEXT with annual revenue of $3M. The company became a tough contender to real tech startups like 99acres.com, MagicBricks, CommonFloor and so on.

The real-tech startup’s idea gained a lot of recognition among people and helped in the growth and expansion of the business. It operates in cities like Mumbai, Chennai, Pune, Bengaluru, and Gurugram. It claims to be serving 10 Lakh+ customers monthly with 75000+ new listings. The company also facilitates with packers and movers option.

Due to the concept of no brokerage involved an unpredictable incident took place at the office in Bengaluru where approximately 50 brokers rushed into the office premises and damaged office property and assaulted the employees.