39 mins ago
NoBroker Builds Real Estate Platform By Cutting Out Brokers
NoBroker was created to help people find homes without using brokers.
Brokers often charge fees, even when they do not add much help.
The founders noticed that online property websites had not removed this problem.
They started NoBroker in 2014 after seeing people connect directly with homeowners through online groups.
The company first operated with a small team in Bengaluru.
Investors were initially unsure whether the idea could become a large business.
Elevation Capital later invested $3 million in 2015.
NoBroker has since added services for buying, selling, renting and managing homes.
The company says its platform has helped people save a large amount of money on brokerage.
Amit Agarwal, Akhil Gupta and Saurabh Garg launched NoBroker in 2014 to help people find homes without paying brokerage fees.
The founders said online property platforms had not solved problems such as misleading listings and continued broker involvement.
NoBroker began in a Bengaluru bungalow with limited marketing and later expanded into buying, selling, renting and home-management services.
Elevation Capital provided NoBroker’s first institutional funding, investing $3 million in two tranches in early 2015.
The company says it has raised $366 million and helped consumers save Rs 28,500 crore in brokerage.
- Who
- Amit Agarwal, Akhil Gupta and Saurabh Garg founded NoBroker.
- What
- NoBroker is a real estate platform designed to help consumers transact without traditional brokers and brokerage fees.
- Where
- NoBroker began in Bengaluru, India, from a bungalow in HSR Layout.
- When
- The company launched in 2014; its first institutional funding arrived in early 2015.
- Why
- The founders wanted to address brokerage fees, misleading property listings and a house-hunting process they considered unnecessarily complicated.
Key facts
- Founded
- 2014
- Founders
- Amit Agarwal, Akhil Gupta and Saurabh Garg
- Initial location
- A bungalow in HSR Layout, Bengaluru
- First institutional investor
- Elevation Capital
- First institutional funding
- $3 million in two tranches in early 2015
- Total funding raised
- $366 million
- Reported consumer savings
- Rs 28,500 crore in brokerage
Quotes
Amit Agarwal
Co-founder of NoBroker
“Convincing investors required us to look beyond an established playbook and believe that a distinctly Indian consumer problem could give rise to a large, scalable business. The competition was heating up due to Housing.com funding, which led to more rejections for us.”
financialexpress.com
“House hunting had become an unnecessarily complicated process, as the brokerage model had remained largely unchanged for decades. We felt it was time somebody questioned this archaic system rather than simply building another layer around it.”
financialexpress.com
Sources
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