NoBroker, an online real estate rental startup, has finally filed its financial statements for the fiscal year 2021-22, after a delay of 15 months. The company has shown a remarkable growth in its revenue, which increased by 96% to Rs 124.2 crore from Rs 63.34 crore in the previous fiscal year. However, the company also incurred a net loss of Rs 123.8 crore, which was slightly higher than the Rs 100 crore loss in FY20.
NoBroker Pay drives the revenue growth
According to the financial statements, NoBroker Pay, a service that allows tenants to pay their monthly rentals to landlords via UPI and credit cards, contributed about 49% or Rs 60.6 crore of the company’s total operating revenue in FY22. This was a significant increase from the 38% or Rs 23.8 crore contribution in FY20. NoBroker Pay also offers home loans, personal loans, and credit score services to its users.
NoBroker Pay has been one of the key drivers of the company’s growth, as it helps in retaining the customers and increasing their engagement. The company claims to have more than 1.5 crore registered users on its platform, with a presence in six cities – Bengaluru, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR.
NoBroker faces regulatory hurdles and legal challenges
While NoBroker has been growing its revenue and user base, it has also faced some regulatory hurdles and legal challenges in the past year. The company had to delay filing its FY22 results due to the ongoing investigation by the Enforcement Directorate (ED) over alleged violations of the Foreign Exchange Management Act (FEMA). The ED had raided the company’s offices and seized some documents in December 2022.
The company has also been involved in a legal dispute with Magicbricks, a rival online real estate portal, over alleged trademark infringement and unfair trade practices. Magicbricks had filed a lawsuit against NoBroker in the Delhi High Court in November 2022, seeking an injunction to restrain NoBroker from using the term “broker” or any similar word in its name, logo, domain name, or any other communication. The case is still pending in the court.
NoBroker raises $210 million at $1 billion valuation
Despite the challenges, NoBroker has managed to raise fresh funds from its existing and new investors. The company announced its $210 million Series E round in November 2023, at a unicorn valuation of $1 billion. The round was led by Tiger Global, with participation from General Atlantic and Moore Strategic Ventures.
The company said that it would use the funds to expand its presence in new cities, launch new products and services, and invest in technology and talent. The company also said that it would focus on its vision of making real estate transactions more convenient, transparent, and affordable for its customers.
NoBroker is one of the leading players in the online real estate rental space, which is estimated to be worth $4 billion in India. The company competes with other platforms such as Housing, 99acres, and QuikrHomes, as well as offline brokers and agents. The company claims to have facilitated over 35 lakh property transactions so far, saving over Rs 1,000 crore in brokerage fees for its customers.
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