NoBroker: Financial Growth and Performance in FY24
NoBroker, a leading real estate platform, enhanced its financial standing during the fiscal year ending March 2024. Operating revenue surged by nearly a third compared to the previous year. Notably, this subscription-driven platform also achieved a 19% reduction in losses for FY24. The firm, however, provided limited insights into its cost structure, as 57% of total expenses fell under “miscellaneous overheads.”
Revenue Increase for NoBroker in FY24
NoBroker’s operating revenue rose by 32% to Rs 803 crore in FY24, up from Rs 609 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC).
Subscription-Based Business Model
NoBroker connects property owners directly with tenants, effectively eliminating the requirement for brokers or agents. The subscription plans form the primary revenue source, comprising 99% of the total income. Revenue from product sales, which includes home services and related segments, contributed Rs 5 crore in FY24.
Additional Income and Total Growth
The firm generated an extra Rs 85 crore from interest on fixed deposits and gains from current investments and mutual funds, increasing its total income to Rs 888 crore in FY24, up from Rs 683 crore in FY23.
Expense Breakdown
NoBroker did not provide extensive details regarding its expense distribution. Employee benefit expenses, which constituted 33% of total costs, remained steady at Rs 436 crore. Rent and legal fees were minimised to Rs 7 crore and Rs 12 crore, respectively, while depreciation costs saw a slight rise to Rs 31 crore during the fiscal year.
Miscellaneous Expenses and Total Costs
It is crucial to note that NoBroker reported Rs 738 crore under miscellaneous expenses. Overall, total expenses grew by 9.2% to Rs 1,299 crore in FY24 from Rs 1,190 crore in the previous fiscal year.
Reduction in Net Loss
Despite the increase in overall expenses, the company managed to decrease its net loss by 19% to Rs 411 crore in FY24, compared to Rs 506 crore in FY23. The return on capital employed (ROCE) and the EBITDA margin stood at -37.76% and -42.45%, respectively. On a unit basis, NoBroker spent Rs 1.62 to generate one rupee of operating revenue in FY24.
Current Assets and Funding
As of March 2024, the Bengaluru-based company reported current assets valued at Rs 1,082 crore, with Rs 55 crore available in cash.
Funding and Ownership
NoBroker has raised a total of $366 million in funding thus far, with Tiger Global, BEENEXT, and Elevation as its main investors. Co-founders Ankit Agarwal, Saurabh Garg, and Akhil Gupta collectively hold a 16.6% stake in the company.