NoBroker, a Tiger Global-backed prop-tech startup, sees growing opportunity in its home loans and insurance vertical as the number of young consumers looking to invest in residential properties rises steadily, a top company executive told Mint.
The Bengaluru-based company gets a fourth of its over ₹600 crore revenue from financial services and expects its home loans vertical to become its second-biggest business in the coming years, trailing its main real estate buying-and-selling business, said Saurabh Garg, co-founder and chief business officer at NoBroker.
"The number of houses we are selling every month is increasing. At the same time, our attach rate is also increasing. I believe home loans have the potential to become very large," Garg said, noting that the vertical is already its fastest-growing business. The attach rate reflects demand growth for a secondary product (home loans) because of demand for a primary product (homes).
NoBroker's home loans vertical grew threefold in FY24, the company said, declining to reveal the numbers, though.
Garg expects the home-buying cycle in the country to pick up well in the next 4-5 years, further driving the need for easy financing options.
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