NoBroker's home services orders hit 1.5 lakh in March, quietly surpassing its core real estate transactions. This marks a fundamental shift from its brokerless listings model, even as its FY25 and FY26 financials remain unfiled. These new verticals must now deliver profitability within their ambitious 12-15 month target.
How We Got Here
Founded in 2013, NoBroker raised $368 million pushing its "brokerless" property model for a decade. By FY24, the platform logged ₹803 crore in revenue but also ₹411 crore in losses, relying 90% on core real estate.
The Numbers
- Revenue from NoBroker's core real estate business dropped from 90% in FY24 to 50-55% in FY26.
- Financial services and home services now equally split the remaining 45-50% of NoBroker’s FY26 revenue.
- Cofounder Saurabh Garg reports home services volumes hit 1.5 lakh orders in March 2026, while real estate transactions reached 1 lakh.
- NoBroker has not filed its audited financials for FY25 or FY26, despite claiming record growth for FY26.
What Happens Next
🇮🇳 Why This Matters for India
For proptech founders in Bangalore and Pune, NoBroker's pivot highlights the struggle to monetize free-user platforms and the aggressive pursuit of services revenue.
The Take
NoBroker's claims of shifting revenue and impending profitability feel hollow without actual filed financials for the last two years. Don't get distracted by transaction volumes; the real story is whether these new, competitive service lines can actually cover the losses from their free listing core.
Source:
Inc42 ↗