NoBroker

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.

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. In November 2021, it became 36th unicorn in India for that year.

NoBroker's broker-free operation is based on consumer-to-consumer (C2C) marketplace model. 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. 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.

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

Products

 * NoBrokerhood, a “gated-community” app for society management. In 2021, the app introduced the explore feature, enabling homeowners in listed societies to access essential services in addition to buying and selling their used items. By 2023, the application became a part of the Government of India's Open Network for Digital Commerce.
 * CallZen.AI, a conversational intelligence tool.

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.

In May 2023, NoBroker secures financial support from Google to enhance its home search and society management services.

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. The brokers had to vacate the premises as staff called in local law enforcement for assistance.

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. Conversely, MyGate had alleged NoBroker of engaging in comparable data theft.