Property search firm NoBroker launches rent payment feature ‘NoBroker Pay’

Brokerage-free property search portal NoBroker to make the rent payment process easier has launched payment feature NoBroker Pay. The feature allows its users to pay their rent using any credit cards, debit cards, UPI wallet or Net Banking.

"NoBroker Pay will not only connect home-seekers and home-owners directly but also ensure that settling down and staying is just as seamless an experience as finding the right property", said Akhil Gupta, co-founder and Chief Technology Officer of NoBroker.

Apart from adding convenience and generating instant rent receipts, users can also use the feature to pay maintenance and deposit. Since the launch of the feature, the company claims to have witnessed an overwhelming response from owners and tenants.

“Over 10,000 people have already started using the service,” added Akhil.

The brokerage-free property search portal primarily connects house owners and seekers directly by eliminating the middleman.

This year the four-year-old firm had launched a slew of consumer-focused products such as Travel Time Search, which helps one measure distance in time instead of miles and the visitor and security management app NoBrokerhood.

In September this year, Nobroker had forayed into commercial real estate. Within three months of launch, the platform claims to have closed over 1000 deals saving Rs 30 crore worth of brokerage.

According to an estimate, In India about top 25 cities generate brokerage worth Rs 14,000 crore in commercial rental every year. It is said to be growing at 13 percent. The brokerage from commercial market sales is around Rs 7,000 crore.

At present, Nobroker is operation in Mumbai, Bengaluru, Pune, Chennai, and Gurugram.  The Bengaluru-based firm plans to expand its presence to over 50 cities in the next couple of years.

Till date, the startup has raised USD 20 million funds so far from investors including  SAIF Partners, BEENEXT, Digital Garage, and BEENOS, among others.

NoBroker through its brokerage-free matchmaking helping the customers over Rs 90 crores of brokerage every month saving Rs 1000 crore of brokerage annually. Every month, the property portal does 15k closures.