Amit Kumar Agarwal co-founded NoBroker in 2014, building India's first PropTech unicorn by eliminating brokers from real estate transactions.
Written by TFN Research Desk | covering startups, technology, venture capital, and business strategy.
Table of Contents
- Quick Facts
- Introduction
- The NoBroker Story
- Business Model
- How NoBroker Makes Money
- Funding History
- Revenue and Performance
- Key Takeaways
- FAQs
- Sources
Quick Facts
Amit Kumar Agarwal: Co-founder and CEO of NoBroker, IIT Kanpur and IIM Ahmedabad alumnus. Co-founders: Akhil Gupta and Saurabh Garg. Founded: 2014. Company type: C2C real estate marketplace. Valuation: Rs 8,500 crore ($1 billion). Market share: 88% of organized online real estate.
Introduction
Amit Kumar Agarwal founded NoBroker in 2014 alongside Akhil Gupta and Saurabh Garg, creating a technology-driven platform eliminating brokers from India’s fragmented real estate market. Starting with a mission to remove intermediaries from property transactions, NoBroker expanded into home loans, packers and movers, and home services. The company raised $376 million across 10 funding rounds and became India’s first PropTech unicorn in November 2021. NoBroker currently operates across 12 major Indian cities with 30 million registered users and Rs 1,200 crore annual revenue. The company has saved customers Rs 16,000+ crore in brokerage fees. This profile covers Agarwal’s journey from banking to PropTech founder and NoBroker’s path to becoming India’s largest real estate platform.
The NoBroker Story
Amit Kumar Agarwal worked as a banking and finance veteran at PricewaterhouseCoopers with 15+ years of experience. Co-founders Akhil Gupta (IIT Bombay) and Saurabh Garg (IIT Bombay, IIM Ahmedabad) shared similar frustrations with India’s property market where brokers charged 1-2 months rent for rentals or 4-6% on resale transactions.
In 2014, the three founders quit their jobs to launch NoBroker with radical vision: connect property owners directly with tenants and buyers, eliminating the middleman entirely. The platform introduced standardized listings, transparent pricing, digital agreements, and payment solutions.
Early growth proved explosive. By 2015, NoBroker faced violent backlash from traditional brokers opposing the business model. Despite office vandalism and threats, the founders persisted. By 2019, NoBroker processed 500,000 annual transactions. In 2021, the company achieved unicorn status with $210 million Series E funding from Google and Tiger Global, reaching $1 billion valuation—making it India’s first PropTech unicorn.
Business Model
NoBroker operates as C2C real estate marketplace with multiple revenue verticals:
- Property listings (rentals, resale, commercial)
- Subscription plans from property owners for verified tenant data
- Home loans marketplace (150+ bank partnerships, Rs 87,831 cr FY26 disbursals)
- Packers and movers services
- Home interiors and renovation
- NoBrokerHood property management software
- Home services (cleaning, maintenance, utilities)
How NoBroker Makes Money
- Subscription revenue from property owners
- Transaction commissions on property resale
- Loan marketplace revenue from lenders
- Commission on packers and movers services
- Home services and interiors margins
- Property management software subscriptions
Funding History
| Round | Year | Amount | Lead Investors |
|---|---|---|---|
| Series A | 2015 | $6M | Singapore/Hong Kong VCs |
| Series B | 2016 | $15M | Sequoia Capital |
| Series C | 2017 | $15M | Sequoia, Elevation Capital |
| Series D | 2019 | $50M | Tiger Global |
| Series E | 2021 | $210M | Google, Tiger Global |
NoBroker raised $376 million across 10 rounds achieving unicorn status in November 2021. Recent pre-IPO rounds valued the company at Rs 8,500 crore.
Revenue and Performance
- Annual revenue: Rs 1,200 crore (FY 2024-25)
- Transactions: 500,000+ properties annually
- Users: 30 million registered across 12 cities
- Market share: 88% of organized online real estate
- Customer savings: Rs 16,000+ crore in brokerage fees
- Urban Money loan disbursals: Rs 87,831 crore (FY26)
Key Takeaways
- Founded in 2014 to eliminate brokers from Indian real estate
- Became India’s first PropTech unicorn in November 2021
- Raised $376 million from tier-1 investors
- 30 million users across 12 cities with 88% market share
- Diversified into fintech, home services, property management
- Rs 1,200 crore annual revenue with expanding margins
- Planned IPO in 2026-27 period
- Saved customers Rs 16,000+ crore in brokerage fees
FAQs
Who founded NoBroker?
Amit Kumar Agarwal, Akhil Gupta (IIT Bombay), and Saurabh Garg (IIT Bombay, IIM Ahmedabad) founded NoBroker in 2014.
When was NoBroker founded?
NoBroker was founded in 2014 to eliminate brokers from real estate transactions.
What is NoBroker’s current valuation?
Rs 8,500 crore (approximately $1 billion) as of 2024-25.
How much funding has NoBroker raised?
$376 million across 10 funding rounds from Google, Tiger Global, Sequoia Capital, and others.
How many users does NoBroker have?
Over 30 million registered users across 12 major Indian cities.
What is NoBroker’s market share?
88% of the organized online real estate market in India.
Is NoBroker planning an IPO?
Yes, planned for 2026-27 period at Rs 8,500 crore+ valuation.
Why was NoBroker’s office attacked in 2015?
Traditional brokers violently opposed the broker-free model, attacking the Bengaluru office. Founders persisted despite opposition.
What did NoBroker’s Urban Money achieve?
Facilitated Rs 87,831 crore in loan disbursals in FY26 through partnerships with 150+ banks and NBFCs.
How much revenue does NoBroker generate?
Rs 1,200 crore annual revenue (FY 2024-25) with positive EBITDA margins.
Sources
- Tracxn: https://tracxn.com/d/companies/nobroker/
- TechCrunch: https://techcrunch.com/2021/11/23/nobroker-becomes-indias-first-proptech-unicorn/
- Business Standard: https://www.business-standard.com/companies/start-ups/
- Wikipedia: https://en.wikipedia.org/wiki/NoBroker
©️ The Founder Nation | Written by TFN Research Desk
