From Startup to Success: The NoBroker Story
NoBroker was co-founded in 2013 by Saurabh Garg, Amit Kumar Agarwal, and Akhil Gupta with the goal of revolutionising the Indian real estate industry. The three IIT grads set out to develop a platform that linked real estate seekers and owners directly without the need for a brokerage. Despite the seemingly unattainable goal of building a billion-dollar business, their perseverance served as the cornerstone for the establishment of India’s first prop-tech unicorn.
Reaching the Status of a Unicorn
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NoBroker became a unicorn when it raised $210 million in Series E fundraising in November 2021. This achievement was more than just a target; it was a confirmation of the founders’ vision and diligence. As he looked back on their journey, co-founder and CTO Akhil Gupta emphasised their focus on finding solutions for the real pain points that clients were facing as a result of the high intermediation fees that brokers imposed.
Resolving an Actual Issue
NoBroker’s concept came from a personal experience. The frustration of having to pay outrageous brokerage fees in Mumbai, even only to renew a rental agreement, was described by Saurabh Garg. The co-founders were motivated to develop a solution that did away with the need for brokers after realising how common this problem was. NoBroker was created as a result, enabling direct communication between seekers and property owners.
Early Difficulties and Upheavals
There were many obstacles on the way to achievement. When they first started out, the founders ran their small bungalow office without realising the havoc they were creating in the brokerage sector. The realisation struck suddenly when their office was vandalised by irate brokers. This event demonstrated the influence of their disruptive concept and reaffirmed their dedication to their goal.
Acquiring Knowledge and Development
The creators stressed the need to grow from failures and be focused on the demands of the consumer throughout their whole journey. Gupta emphasised the need to solve actual client issues as opposed to presuming what they want. The founders also understood that, in order to promote development and improve operations, it was essential to hire qualified HR and finance specialists.
Growth and Provision of Services
With more than 75 lakh registered properties, NoBroker now handles more than 500,000 transactions a year. With more than 1.6 crore members, the portal now offers more than just real estate deals. NoBroker Financial Services for home loans, NoBroker Home Services for packers and movers, and NoBrokerHood for guest control and security in apartment buildings are examples of secondary services.
A Wholesome Real Estate Resolution
The original goal of the founders was to establish a one-stop shop for all things relating to real estate. According to Saurabh Garg, these extra services were a logical continuation of their primary goal of providing a holistic solution to the brokerage problem. According to Amit Agarwal, these services significantly increase value for clients by addressing fragmented industries with inconsistent prices and service quality.
Directions and Prospects for the Future
A committed group of executives who passionately and devotedly lead several business verticals are responsible for NoBroker’s success. The firm intends to grow into metro and Tier 1 cities in addition to its current six major Indian cities of operation. The founders are certain that NoBroker will continue to achieve more success thanks to their vision and a talented team.
The transformation of NoBroker from a disruptive concept to a unicorn in the prop-tech space is a prime example of the value of providing creative solutions to meet real consumer demands.
I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person