Property listing portal NoBroker has acquired apartment management solutions firm Society Connect for an undisclosed amount in an all-cash deal.
With this buy, Bengaluru-based NoBroker Technologies Solutions, which runs the platform, aims to strengthen its hold on the visitor and community management space.
The company will also hire Society Connect’s employees to combine efficiencies of their enterprise resource planning (ERP) system with NoBroker’s own visitor and community management app NoBrokerHood, it said in a statement.
Started last year, NoBrokerHood is a smart visitor and residential community management system. It is currently deployed by a thousand societies across Bengaluru, Mumbai, Pune, Hyderabad, Chennai and Delhi-NCR.
“Our focus has been to provide an 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 a society’s living experience,” Akhil Gupta, co-founder and CTO, NoBroker, said.
Founded in 2016 by Sourav Mukerjee, Shobhna Arora and Manish Kumar Gupta, Society Connect is a technology-mapped platform for society management. It is currently deployed by over 500 societies, including realty players DLF, Unitech, Omaxe Group, Ashiana Group, Supertech Group, Nirvana Country, Tatvam Villas, Exotica Group, Ireo Grand Arch, ATS, Bestech, Vatika Greens and Belmonte.
“We are happy and honoured to synergise our services with a leader like NoBroker that has won consumer trust with their unique value proposition of zero brokerage,” Shobhna Arora, co-founder of Society Connect, said.
Founded in 2013 by IIT Kanpur and IIM Ahmedabad graduate Amit Kumar Agarwal, IIT Bombay and IIM Ahmedabad graduate Saurabh Garg and IIT Bombay graduate Akhil Gupta, NoBroker is a tech-enabled brokerage-free real estate platform that has over 7.5 million registered users.
Last year in October, NoBroker bagged $50 million in a growth funding round led by New York headquartered alternative investments firm Tiger Global Management. In June last year, it raised $51 million in a Series C round led by US-based private equity firm General Atlantic. It has, till date, raised a total funding of $121 million.