Proptech Firm NoBroker Expands Business Model Beyond Listings

NoBroker, an Indian property technology platform, is shifting its business strategy from a primary focus on rental and sales listings to a broader range of services. After a decade of emphasizing a freemium model that kept most users cost-free, the company is now heavily investing in monetizing its user base through multiple bundled offerings.

According to Saurabh Garg, co-founder and chief business officer, NoBroker facilitated over 100,000 real estate transactions in March 2026 alone. Concurrently, its home services division, which includes services like home improvement and moving, recorded 150,000 orders, surpassing the volume of real estate transactions.

Founded in 2013 and having raised $368 million from investors including General Atlantic and Tiger Global, NoBroker's revenue now stems from real estate transactions, financial services, and home services. Initially, nearly 90% of revenue came from core real estate activities. This share is projected to decrease to approximately 50-55% by fiscal year 2026 as other verticals grow.

The financial services arm, primarily focused on mortgage aggregation, has also seen substantial growth. NoBroker connects loan applicants with banks and financial institutions, leveraging technology to streamline the process and earning a referral fee. This segment is expected to contribute about 22.4% of revenue in FY26. Competitors like Square Yards and Magicbricks are also pursuing similar offerings, but NoBroker benefits from an existing base of verified leads.

While the company has not yet released audited financials for FY25 and FY26, its last reported figures for FY24 showed a loss of ₹411 crore on revenue of ₹803 crore. The expansion into new service areas and a diversified revenue stream are seen as key drivers for achieving profitability in the near future.