Did NoBroker Suffer a Rs 411 Crore Loss in FY24?
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Synopsis
NoBroker, a prominent real estate platform, faces financial challenges with a reported loss of Rs 411 crore in FY24. Despite rising expenses, the company has shown resilience by reducing losses compared to the previous year. This article dives into their financial performance and future prospects.
Key Takeaways
- NoBroker reported a net loss of Rs 411 crore in FY24.
- Total expenses reached Rs 1,299 crore, a 9.2% increase.
- Employee benefit expenses remained stable at Rs 436 crore.
- Operating revenue grew by 32% to Rs 803 crore.
- Founders hold a collective 16.6% stake in the company.
New Delhi, May 14 (NationPress) The real estate platform NoBroker has disclosed a net loss of Rs 411 crore for the financial year ending March 2024 (FY24), with total expenses ascending to Rs 1,299 crore, reflecting a 9.2 percent rise from the previous fiscal year.
Despite this increase in expenditures, the company successfully curtailed its losses by 19 percent compared to the Rs 506 crore loss reported in FY23, showcasing resilience amid rising costs.
A report from Entrackr, outlining the financial details, indicates that a significant portion of these expenses—Rs 738 crore, or 57 percent of the total—was categorized as ‘miscellaneous overheads,’ with minimal clarification provided regarding this classification.
On the other hand, employee benefit expenses remained stable at Rs 436 crore, representing 33 percent of total expenditures.
Expenses related to rent and legal fees were reduced to Rs 7 crore and Rs 12 crore respectively, while depreciation saw a minor increase to Rs 31 crore.
Notably, despite the uptick in expenses, NoBroker’s operational performance exhibited signs of improvement, as per the report's analysis.
Operating revenue surged by 32 percent to Rs 803 crore in FY24, up from Rs 609 crore the prior year.
The bulk of this revenue stemmed from its subscription-based house-hunting service, accounting for 99 percent of total income.
Additionally, the company generated Rs 5 crore from product sales, which included home services and related offerings, according to the report.
Beyond operational earnings, NoBroker accrued Rs 85 crore from interest on fixed deposits, mutual fund gains, and other investments.
This culminated in a total income of Rs 888 crore in FY24, an increase from Rs 683 crore in FY23. However, the company’s financial efficiency continues to face challenges.
For every rupee earned in operating revenue, NoBroker expended Rs 1.62. Its EBITDA margin was recorded at -42.45 percent, while the Return on Capital Employed (ROCE) stood at -37.76 percent.
As of March 2024, the Bengaluru-based startup had current assets worth Rs 1,082 crore, which included Rs 55 crore in cash reserves.
NoBroker, co-founded by Ankit Agarwal, Saurabh Garg, and Akhil Gupta, has successfully raised a total of $366 million from investors such as Tiger Global, BEENEXT, and Elevation Capital.
The founders maintain a collective 16.6 percent stake in the company.
Point of View
I believe that NoBroker’s financial journey highlights the challenges faced by startups in the current economic climate. While the reported losses are significant, the company’s ability to decrease its losses year-over-year demonstrates potential for future growth and resilience in a competitive market.
NationPress
16/06/2025
Frequently Asked Questions
What was NoBroker's net loss in FY24?
NoBroker reported a net loss of Rs 411 crore in FY24.
How much did NoBroker's expenses increase?
Total expenses rose to Rs 1,299 crore, which is a 9.2 percent increase from FY23.
What percentage of NoBroker's total expenses were miscellaneous overheads?
57 percent of the total expenses, amounting to Rs 738 crore, were classified as miscellaneous overheads.
What was NoBroker's operating revenue in FY24?
Operating revenue grew by 32 percent to Rs 803 crore in FY24.
How much cash reserves does NoBroker have?
As of March 2024, NoBroker had cash reserves of Rs 55 crore.
