Bengaluru-based proptech unicorn NoBroker has reported a net loss of ₹411 crore for the financial year 2023-24 (FY24), marking a significant improvement from the ₹506 crore loss in FY23. This 18.8% reduction in losses reflects the company’s efforts in cost optimization and operational efficiency.
Revenue Growth and Operational Highlights
In FY23, NoBroker’s revenue from operations surged by 86.8% to ₹609 crore, up from ₹326 crore in FY22. The company also recorded a non-operating income of ₹74 crore, bringing the total income to ₹683 crore.
While the exact revenue figures for FY24 are yet to be disclosed, the reduction in net loss suggests continued revenue growth and improved cost management.
Cost Optimization Efforts
NoBroker’s total expenses in FY23 rose to ₹1,190 crore, a 75.2% increase from ₹679 crore in FY22. Employee benefits accounted for ₹435 crore, representing 36.55% of the total expenditure. Other overheads, including advertising and payment gateways, contributed ₹724 crore.
The company’s focus on cost optimization in FY24 has led to a reduction in net loss, indicating more efficient resource allocation and operational strategies.
Strategic Initiatives and Future Outlook
Founded in 2014, NoBroker connects property owners directly with tenants and buyers, eliminating the need for brokers. The company has expanded its services to include rental agreements, home insurance, and property management.
In FY23, NoBroker aimed to achieve ₹1,000 crore in revenue, leveraging its diversified services and technological advancements. The company’s continued focus on innovation and customer-centric solutions positions it for sustained growth in the competitive real estate market.Entrackr
