Proptech Unicorn NoBroker Announces ESOP Buyback worth INR 32.2 Cr
- ByStartupStory | March 16, 2022
NoBroker, Bengaluru-based proptech unicorn, completed its employee stock ownership plan (ESOP) buyback worth INR 32.2 Cr.
The company’s 95 former and current employees were given the opportunity to liquidate their stock options, as part of the buyback program, which constitutes 57% of total employees who currently have ESOPs.
NoBroker was founded by Akhil Gupta, Saurabh Garg and Amit Kumar in 2014. After raising $210 Mn in a Series E funding round from General Atlantic, Tiger Global and Moore Strategic Ventures, it turned unicorn in November 2021. The total funding raised by the startup to $424 Mn was taken by the round.
Verified listings from property owners, without brokerage fees, have been claimed to be provided by the NoBroker’s real estate rental platform. The startup also provides Property-related solutions such as for rent and maintenance payments, NoBroker Pay; for painting, cleaning and more, NoBroker Home services; and NoBrokerHood, which aims to simplify visitor management within residential accommodations are also provided by the startup and a seller’s marketplace are also offered for verified users.
Home loans and legal services are the other verticals that have been focused upon in order to strengthen the startup.
The FY21 financials is yet to be filed by the proptech unicorn; however, according to its filings accessed via Tofler, in FY21 it reported a revenue of INR 79 Cr, up from FY19 of INR 30 Cr. For the same period, an EBITDA loss of INR 98 Cr was also reported, up from INR 46 in FY19.
With 500K+ properties being either sold or rented every year, the highest revenue has been returned by NoBroker’s core platform. Over 16 Mn+ users on the startups platform and alone, NoBrokerHood, is present in 10K+ residentials.
According to the India Real Estate Industry report, by 2030, the Indian real estate sector is expected to reach $1 Tn in market size, up from 2021 of about $200 Bn, contributing 13% to the country’s GDP by 2025.
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