NoBroker posts net loss of Rs 46.5 crore but revenue up 55%
The startup raised $121 million funding round from Tiger Global and General Atlantic last year.
April 08, 2020 / 02:00 PM IST
Online real-estate rental startup NoBroker reported a sharp 48% increase in losses in the financial year 2019 at Rs 46.5 crore against Rs 31.3 crore the previous year, documents filed with the Registrar of Companies and accessed from business intelligence platform Tofler show.
While losses have mounted, the Bengaluru-based company reported a 55% uptick in revenue at Rs 21.6 crore from Rs 13.9 crore in the previous year.
One of its major expenses was employee benefits, which cost the company almost Rs 35 crore.
The brokerage-free property startup raised $121 million funding round last year from two marquee investors-- Tiger Global and General Atlantic. The startup counts Saif Partners and Beenext among its other backers.
NoBroker disrupted the rental market by allowing owners to post about available properties directly on its platform and connect them with prospective tenants.
It charges a nominal fee and helps avoid expensive brokers who usually mediate these transactions. The company has diversified into buying and selling property and into moving business.
The startup was founded by Amit Kumar Aggarwal, Akhil Gupta and Saurabh Garg in 2014.