Customer-to-customer real estate portal, NoBroker recently announced that it has acquired society management platform Society Connect in an all-cash deal. With the acquisition, NoBroker further aims to strengthen its hold in the visitor and community management space where it already has a strong presence with its application NoBrokerHood.
The acquisition follows the launch of NoBroker’s operations in Delhi-NCR. Society Connect is already a leader in Delhi-NCR and adjoining regions with over 500 societies that are availing the platform services.
After the transaction, NoBroker will hire all of Society Connect’s employees to combine efficiencies of their ERP system along with NoBrokerHood. The NoBrokerHood application was launched in 2019 and so far caters to about 1,000 societies across Bangalore, Mumbai, Pune, Hyderabad, Chennai, and Delhi-NCR.
“Our focus has been to provide end-to-end solutions 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’s living experience,” said Akhil Gupta, CTO, and Co-Founder of NoBroker while commenting about the acquisition.
Amit Agarwal, Co-Founder, and CEO of NoBroker said, “We are happy to have a brilliant team and product on board and hope that this move would combine the capabilities of two players that are working towards making apartment living a hassle-free experience. The specialized solutions built by Society Connect would help achieve greater transparency and faster redressal for the residents. This acquisition falls in line with our endeavor to be the one-stop-shop for all home-related consumer needs.”
On the association with NoBroker, Shobhna Arora, Co-Founder of Society Connect said, “We are happy and honored to synergize our services with a leader like NoBroker.com that has won consumer trust with their unique value proposition of zero brokerage.”
NoBroker had raised $101 million in series C and D rounds in late 2019. It has also extended its services in Hyderabad and Delhi-NCR. Its investors include Tiger Global and General Atlantic.
The real estate sector in India is constantly witnessing the launch of new-age tech startups which are fuelled by rapid urbanization and rural migration to cities. The real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025.
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