NoBroker's billion-dollar ascent, from physical threats to unicorn status
NoBroker, the online real estate platform, faced significant obstacles in its early days, including physical threats from traditional brokers angered by the company's disruptive business model, CEO Amit Kumar Agarwal revealed at the Technovate for India program in Bengaluru.
In 2015, a group of brokers attacked NoBroker's office, assaulting employees and attempting to force their way into the building. This incident, Agarwal shared, forced the company to relocate overnight and keep their office locations unlisted on Google Maps for safety.
Despite these challenges, NoBroker has grown significantly, now boasting a valuation of over $1 billion. “We’ve gone from zero to over 30 mn cumulative users and now add half a million new customers every year,” stated Agarwal at the event, organized by The Times of India and Talrop.
Agarwal attributes the company's success to addressing a local issue with a unique solution instead of replicating Western models. The idea for NoBroker stemmed from Agarwal's own frustrating experiences with real estate agents. He questioned the need for brokers in the age of the internet, aiming to connect property owners and seekers directly and eliminate hefty brokerage fees.
The CEO’s advice to aspiring entrepreneurs? “Keep talking to your customers. Their feedback will guide you better than any so-called expert.”
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