NoBroker, the customer-to-customer real estate portal, has acquired Society Connect in an all-cash deal. With the acquisition, NoBroker aims to further strengthen its hold in the visitor and community management space where it already has a strong presence with its app NoBrokerHood.
The announcement comes two months after NoBroker launched its services in Delhi-NCR. Society Connect, a technology mapped platform for society management, is a leader in Delhi-NCR and adjoining regions with over 500 societies that are using its platform to facilitate easy living.
NoBroker intends to hire all of Society Connect’s employees to combine efficiencies of their ERP system along with Nobroker’s own visitor and community management app, NoBrokerHood. NoBrokerHood was launched in 2019 and is deployed by 1000 societies across Bangalore, Mumbai, Pune, Hyderabad, Chennai, and Delhi-NCR.
Speaking on the acquisition, Akhil Gupta, Co-Founder and Chief Technology Officer of NoBroker.com, said, “Our focus has been to provide end-to-end solution 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 living experience.”
Amit Agarwal, Co-Founder and CEO of Nobroker.com, 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 specialised solutions built by Society Connect would help achieve greater transparency and faster redressal for the residents. This acquisition falls in line with our endeavour to be the one-stop shop for all home-related consumer needs.”
Society Connect is currently deployed with realty players such as DLF, Unitech, Omaxe Group, Ashiana Group, Supertech Group, Nirvana Country, Tatvam Villas, Exotica Group, Ireo Grand Arch, ATS, Bestech, Vatika Greens, Belmonte, and many more. It generates maintenance bills upwards of Rs 350 crore per annum.
“We are happy and honoured to synergise our services with a leader like NoBroker.com that has won consumer trust with their unique value proposition of zero brokerage,” said Shobhna Arora, Co-Founder of Society Connect, commenting upon the association.
Sourav Mukerjee, Co-Founder of Society Connect, said, “We look forward to bring our financial competence to NoBrokerHood to digitally transform and streamline activities for a smooth user experience.”
In 2019, Nobroker raised $101 million in series C and D rounds. It also launched services in Hyderabad and Delhi-NCR.