NoBroker in FY23: Op revenue grows 87% to Rs 609 Cr; losses up by 64%


Proptech unicorn NoBroker has finally reported its FY23 financial results, nine months past the due date. The company achieved an 86.8% increase in its operating scale for the fiscal year ending March 2023. However, its losses also surged by 63.8% during the same period.

NoBroker’s revenue from operations grew by 86.8% to Rs 609 crore in FY23 from Rs 326 crore in FY22, its annual financial statements sourced from the Registrar of Companies show.

NoBroker is a real estate platform that connects property owners directly with tenants, removing the need for brokers or agents. The company’s main source of revenue is subscription plans.


NoBroker also provides a slew of additional services such as rental agreements, home insurance, and property management.

The company also recorded a non-operating income of Rs 74 crore from the interest of fixed deposit and gain on current investments/mutual funds taking its overall income to Rs 683 crore in FY23.

The company did not publish the complete expense break up but disclosed that spending on employee benefits formed 36.55% of the overall expenditure. This cost increased 66% to Rs 435 crore in FY23.

Other overheads, likely covering advertising, payment gateways, and more, added another Rs 724 crore to costs. This led to the total expenses rising to Rs 1,190 crore in FY23, up from Rs 679 crore in FY22.

Expense Breakdown

Total ₹ 679 Cr
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Total ₹ 1190 Cr
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  • Employee benefit
  • Legal professional
  • Rent and repair
  • Others

Evidently, NoBroker’s growth in scale was dwarfed by the increased costs. Subsequently, losses went up by 63.8% to Rs 506 crore in FY23, up from Rs 309 crore in FY22. 

Its ROCE and EBITDA margins were recorded at -34% and -69.5%, respectively. On a unit level, it spent Rs 1.95 to earn a unit of operating revenue.

Last year, NoBroker said that it aimed to touch Rs 1,000 crore revenue mark in FY24. The company is yet to file its audited annual report for the last fiscal year.


FY23 FY24
EBITDA Margin -80% -69.5%
Expense/₹ of Op Revenue ₹2.08 ₹1.95
ROCE -16% -34%

NoBroker has raised over $400 million to date including a $210 million unicorn round in November 2021. The firm also raised $5 million in an extended Series E round from search giant Google for its apartment and society management vertical, NoBrokerHood. The vertical directly competes with another Tiger Global-backed company MyGate.

NoBroker has been launching a slew of services to build on its brand’s visibility and perceived strength in the property segment. From paperwork, to maintenance to property management, the firm has spread out, but profitability remains elusive. It says something for the challenges in the segment that even the original premise, of zero brokerage may soon be threatened thanks to a new service it has trialed in Bengaluru and Chennai, offering a postpaid plan to landlords seeking tenants, with the fee payable only on closing a deal. That doesn’t sound too different from your normal real estate broker, does it?  

The property market in India has evolved in interesting ways, with many traditional real estate brokers going hyper local in the face of competition from funded startups. That is where their deep local knowledge and awareness of market dynamics gives them an edge, ensuring their continued survival. 

According to the startup intelligence platform TheKredible, General Atlantic is the largest shareholder in NoBroker with a 30% stake. Elevation Capital and Tiger Global follow with each holding over 15% of the company. 

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