NoBroker’s FY23 revenue surges 87%, losses widen 64% from sharp rise in expenses
The surge in losses was driven by a substantial 75.2% rise in expenses to Rs 1,189.7 crore in FY23, as opposed to Rs 678.9 crore reported in FY22.
Proptech unicorn witnessed a sharp increase in revenue from operations in FY23. However, its losses widened due to a significant rise in expenses, as revealed by the company’s filings, which were reported nine months later.
The Bengaluru-based company reported Rs 608.8 crore in revenue from operations in FY23—an 86.8% increase from the Rs 325.9 crore earned in FY22, as per its recent financial statements.
Its loss widened 63.8% to Rs 506.3 crore in FY23 from Rs 309.1 crore incurred in the previous financial year. The surge in losses was driven by a substantial 75.2% rise in expenses to Rs 1,189.7 crore in FY23, as opposed to Rs 678.9 crore reported in FY22.
One of the major contributors to Nobroker’s costs was employee benefit expense, including salaries, wages, bonuses, contributions to provident and other funds, gratuity, employee stock option expenses as well as staff welfare expenses—constituting 36.6% of its total expenses. It grew 66.3% to Rs 435.1 crore in FY23 from Rs 261.7 crore in FY22.
Details of a large part of the expenses, categorised under miscellaneous expenses, were not disclosed. These expenses contributed more than half of the firm’s total expenses at 672.9 crore.
The startup’s total income, comprising interest income and dividend income rose to Rs 74.7 crore in FY23, compared with Rs 43.9 crore earned in the preceding fiscal year.
Founded in 2014 by IIT alumni Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg, NoBroker offers a host of real estate solutions, including rental, sale, or resale of properties, loans, packers and movers, legal documentation, etc.
In November 2021, the startup became India's first proptech unicorn—crossing a billion dollars in valuation—after raising $210 million.
In March last year, the company bagged an additional Rs 40 crore in Series E funding from Google, which joined existing investors General Atlantic, Tiger Global, and Moore Strategic Ventures in the fundraise.
Recently, in an interview with YourStory, Gupta, the Chief Tech and Product Officer of NoBroker, revealed how the proptech company is leveraging artificial intelligence (AI).
Edited by Kanishk Singh