NoBroker is revamping its business model after a decade as a proptech unicorn by transitioning from a primarily free listings platform to a home-buying marketplace and multi-vertical consumer ecosystem, aiming to improve profitability. The company is focusing on high-margin property resales and real estate launches, moving away from its freemium approach that offered free access to nearly 90% of users, according to inc42.com.
The platform is replacing traditional real estate channel partners to capture broker commissions, while expanding into financial services, which now account for over 22% of its revenue in FY26. NoBroker’s home loan aggregation service matches buyers with banks and NBFCs, manages documentation, and earns referral fees from lenders. This strategy leverages verified leads from its rental platform to reduce user acquisition costs and cross-sell loans to homebuyers. Additionally, NoBroker is broadening its offerings to include services such as registration, rental agreements, home improvement, moving, packing, interiors, and consumer beauty through its new brand Zivora.
This strategic shift addresses the challenge of monetising a large user base that was previously offered free access, seeking to generate repeat revenue by keeping users engaged throughout their home journey. The move to integrate ancillary services and financial products aims to create a more sustainable revenue model by capturing multiple revenue streams within the real estate ecosystem. NoBroker’s approach contrasts with many proptech firms that rely heavily on listings and advertising revenue, positioning it to compete more directly with traditional brokers and financial intermediaries.
NoBroker’s financial services segment contributing over 22% of revenue in FY26 highlights the growing importance of fintech in its business model, while the launch of Zivora marks an expansion into consumer services. The company has yet to file audited financials, leaving its overall profitability uncertain, but these initiatives represent a clear attempt to diversify income and improve margins.