Real estate platform NoBroker clocks Rs 411 crore loss in FY24, expenses rise

IANS May 14, 2025 265 views

NoBroker, a prominent real estate platform, reported a net loss of Rs 411 crore for FY24, a notable improvement from the Rs 506 crore loss in FY23. Despite a 9.2% increase in its total expenses, which reached Rs 1,299 crore, the company's operating revenue surged by an impressive 32% to Rs 803 crore, mainly from its subscription-based services. Founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta still hold a significant stake in NoBroker. The financial outlook remains challenging with an EBITDA margin of -42.45% but shows potential for future growth.

"Most of this income came from its subscription-based house-hunting service." - Entrackr
New Delhi, May 14: Real estate platform NoBroker has reported a net loss of Rs 411 crore in the financial year ending March 2024 (FY24), even as its total expenses climbed to Rs 1,299 crore -- a 9.2 per cent increase from the previous fiscal.

Key Points

1

NoBroker trims its FY24 losses by 19% from FY23

2

Expenses reached Rs 1,299 crore, a 9.2% increase

3

Operating revenue boosts by 32% to Rs 803 crore

4

Founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta own 16.6% stake

However, the company managed to reduce its losses by 19 per cent compared to the Rs 506 crore loss recorded in FY23, despite the rise in spending.

According to a report by Entrackr, citing its financials, a major chunk of these expenses -- Rs 738 crore, or 57 per cent of the total -- was classified under ‘miscellaneous overheads,’ with the company providing limited details about this category.

Meanwhile, employee benefit expenses remained flat at Rs 436 crore and accounted for 33 per cent of total spending.

Other costs such as rent and legal charges were brought down to Rs 7 crore and Rs 12 crore respectively, while depreciation saw a slight increase to Rs 31 crore.

Despite the higher spending, NoBroker’s operational performance showed improvement, the report mentioned, citing its financials.

Operating revenue grew by 32 per cent to Rs 803 crore in FY24 from Rs 609 crore the previous year.

Most of this income came from its subscription-based house-hunting service, which contributed 99 per cent of the revenue.

The company also earned Rs 5 crore from product sales, including home services and related offerings, the report said.

In addition to operational earnings, NoBroker gained Rs 85 crore from interest on fixed deposits, mutual fund gains, and other investments.

This pushed its total income to Rs 888 crore in FY24, up from Rs 683 crore in FY23. However, the company’s financial efficiency remains under pressure.

For every rupee it earned in operating revenue, NoBroker spent Rs 1.62. Its EBITDA margin stood at -42.45 per cent, while its Return on Capital Employed (ROCE) was at -37.76 per cent.

As of March 2024, the Bengaluru-based startup had current assets worth Rs 1,082 crore, including Rs 55 crore in cash reserves.

Founded by Ankit Agarwal, Saurabh Garg, and Akhil Gupta, NoBroker has raised a total of $366 million from investors like Tiger Global, BEENEXT, and Elevation Capital.

The founders collectively hold a 16.6 per cent stake in the company.

Reader Comments

R
Rahul K.
As someone who used NoBroker to rent my flat, I'm surprised by these losses. Their platform is so convenient compared to dealing with brokers. Maybe they're spending too much on ads? I see their commercials everywhere on TV and YouTube!
P
Priya M.
Rs 738 crore under 'miscellaneous overheads' with no details? This is worrying for investors. Startups should be more transparent about expenses. Still, reducing losses by 19% shows some improvement. Hope they turn profitable soon 🤞
A
Arjun S.
The real estate sector is tough in India. Traditional brokers still dominate most markets outside metro cities. NoBroker needs to focus more on tier-2 cities where people actually need this service. Their current strategy seems too urban-focused.
S
Shwati N.
Their revenue growth is impressive (32%!) but spending Rs 1.62 to earn ₹1 doesn't make sense long-term. Maybe they should expand their home services vertical more - that's where the real money is in real estate. Interior design, painting, etc.
V
Vikram J.
These losses show why Indian startups need to focus on sustainable growth rather than burning cash. NoBroker has a good concept but needs better financial discipline. Also, ₹436 crore on employees? That's huge for a tech platform!
N
Neha T.
Used NoBroker last year and saved ₹50,000 in broker fees! Worth every penny of their subscription. Hope they survive these losses because the service is genuinely useful for middle-class families like ours. More Indians should support such innovative platforms 🇮🇳

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Tags:
NoBroker Real Estate Loss FY24 Financial Results Ankit Agarwal Saurabh Garg Akhil Gupta