NoBroker makes its first acquisition with Gurugram-based startup Society Connect
Real estate startup, NoBroker, on Tuesday said that it has acquired Gurugram-based apartment management solution Society Connect in an all-cash deal. As a part of the acquisition, the founders and 28 employees of Society Connect will join NoBroker’s own visitor and community management app, NoBrokerHood.
This acquisition will help NoBrokerHood to strengthen its hold in the visitor and community management space by combining efficiencies of Society Connect’s ERP system with theirs.
Speaking about the acquisition, Amit Agarwal, co-founder and CEO of NoBroker, told YourStory,
“One of the major problems which residential societies face is of annual audits. Earlier, these societies used to maintain Excel sheets for auditing. But the team at Society Connect built a software, where you just have to input details like your vendor bills, petty cash balances and the platform will create the balance sheet. With this acquisition, NoBrokerHood, which was predominantly into community and facility management, will also have financial management to residential societies, all in one app.”
NoBrokerHood will also add another 500 residential societies to its platform with the Society Connect acquisition, taking its entire customer base to 1,500 societies. In addition, this announcement will also strengthen the platform’s presence in the Delhi-NCR region.
Launched back in 2019, NoBrokerHood is currently present across 11 cities including Bangalore, Mumbai, Pune, Hyderabad, Chennai, and Delhi-NCR.
While, Akhil Gupta, Co-founder and Chief Technology Officer of NoBroker.com, added,
“Our focus has been to provide an end-to-end solution for all aspects of community management and simplify apartment living. Society Connect’s accounting and payment solutions are unparalleled and will strengthen NoBrokerHood’s suite of services. NoBrokerHood will become a single software for a host of services such as accounting, facility management, security, maintenance requests, communication, and visitor management requests that enhance society living experience”.
Founded in 2016 by Sourav Mukerjee, Shobhna Arora, and Manish Kumar Gupta, Society Connect is an integrated platform to manage everyday property operations.
It provides technology solution for the societies helping them with complaint management, dues tracking and payment, parking, notices, e-bills, accounting, visitor management, and staff attendance etc.
Commenting on the acquisition, Shobhna said,
“We are happy and honoured to synergise our services with a leader like NoBroker.com that has won consumer trust with their unique value proposition of zero brokerage.”
At present, Society Connect is deployed with realty players including DLF, Unitech, Omaxe Group, Ashiana Group, Supertech Group, Nirvana Country, Tatvam Villas, Exotica Group, Ireo Grand Arch, ATS, Bestech, Vatika Greens, Belmonte, and many more. The platform also claims to generate maintenance bills upwards of Rs 350 crore per annum, across its entire customer base.
“We look forward to bring our financial competence to NoBrokerHood to digitally transform and streamline activities for a smooth user experience.”
Founded by Amit Kumar Agarwal, Saurabh Garg and Akhil Gupta, NoBroker.com has raised a total funding of $121 million to date, and claims to have more than 7.5 million registered users. In 2019 alone, it raised $101 million in Series C and D rounds.
(Edited by Saheli Sen Gupta)