Biography of Amit Kumar Agarwal: Founder & CEO of NoBroker.com-Entrepreneur
Story of Amit Kumar Agarwal: Visionary Entrepreneur
Amit Kumar Agarwal is a highly accomplished professional who
founded and currently leads NoBroker.com as its CEO. His academic background is
impressive, with an engineering degree from IIT Kanpur and an MBA from IIM
Ahmedabad. Before venturing into entrepreneurship, Amit held significant roles
as an Associate Director at Australia New Zealand Bank and a Principal
Consultant at PwC.
The Journey of Amit Kumar Agarwal: A Topper’s Path
Amit Kumar Agarwal, a bright student from Uttar Pradesh,
excelled academically and ranked among the top 20 in the state’s class 10
examination. Like many top achievers in India, he was encouraged to pursue
Science. After completing his 12th grade, he saw many of his peers preparing
for the Indian Institute of Technology (IIT) entrance exam, which led him to consider
a career in engineering.
Academic Excellence and Early Career
In 2000, Amit graduated with a Bachelor of Technology in
Civil Engineering from the prestigious IIT-Kanpur. His career began at
Cognizant Technology Solutions as an analyst, where he was responsible for
creating web-based Java applications. Although coding was enjoyable for him, it
did not provide the fulfillment he sought. This prompted Amit to consider his
next career move.
Transition to Finance
Determined to find a more satisfying career, Amit decided to
pursue a Master’s degree in Business Administration (MBA). He cleared the
Common Admission Test (CAT) and joined the Indian Institute of Management (IIM)
Ahmedabad in 2002. During his MBA, he developed a strong interest in finance,
which opened new career opportunities for him.
Early Career at Cognizant: Java Applications in Healthcare
Before joining PwC, Amit worked as an Analyst at Cognizant
Technology Solutions in Pune, India, from May 2000 to May 2002. In this role,
he focused on the healthcare domain, creating web-based Java applications. His
responsibilities ranged from understanding client requirements to application
development and delivery.
Consulting and Strategy Leadership
Amit joined PwC, one of the Big Four accounting firms, in
their management consulting division. For nearly a decade, he worked in the
banking and financial services vertical, helping banks formulate business
strategies and improve profitability. His success at PwC led to a role at
Australia New Zealand Bank (ANZ) as Head of Strategy, where he reported
directly to the CEO. Although Amit envisioned a future in banking, he realized
he needed to take a bold step to break free from a predictable career path.
Founding NoBroker.com: A Revolutionary Idea
In an effort to transform the real estate market, Amit
founded NoBroker.com. The platform aims to make house hunting more convenient
by using advanced technology to remove the need for brokers. This innovation
not only simplifies the process but also significantly reduces costs for users.
Amit oversees the overall vision and strategic direction of the company.
The Birth of NoBroker.com
The high brokerage fees associated with finding rental
properties had always frustrated Amit. While moving cities for work, he often
wondered why he couldn’t connect directly with property owners instead of their
agents. This idea sparked a conversation with his friends Saurabh Garg and
Akhil Gupta. Both had faced similar challenges, and together, they decided to
address this issue by creating an internet-based platform to connect tenants
and property owners without brokers.
Overcoming Challenges and Building Success
Supported by his parents and encouraged by his wife, Amit
resigned from ANZ in early 2014 to embark on this entrepreneurial journey. The
trio started NoBroker.in as a bootstrapped company from Amit’s home, venturing
into the challenging real estate market. Akhil, the tech expert, built the
product, and the team continually refined it based on customer feedback.
Despite their efforts, Indian investors were initially hesitant to fund them.
Overcoming Early Challenges
After acquiring their own office in Bangalore, Amit and his
team faced unexpected adversity. Within a month, 50-60 real estate brokers
attacked their office, damaging property and assaulting employees. The brokers
saw NoBroker as a threat to their business. However, since NoBroker was a
cloud-based platform, they were able to recover quickly. Local police
intervened to ensure their safety. Working from home proved difficult due to
the unpreparedness and disruption of their customer care line, but the team
persevered, supported by encouraging messages from their customers.
The Struggle to Raise Funds
Raising funds was a significant challenge for NoBroker.
Despite the success of competitors like 99acres.com and MagicBricks, NoBroker
managed to secure $3 million in a Series A round and $10 million in a Series B
round from investors like Fulcrum Ventures India, BEENEXT, and Elevation. For
the first five years, the focus was on survival. Unlike their competitors, they
adopted a conservative approach, spending money only when there was a clear
return on investment. An acquaintance’s advice to focus on customers and build
the right technology paid off, and in 2021, NoBroker raised $211.6 million in a
Series E round, achieving a valuation of $1 billion.
Tremendous Growth and Impact
NoBroker.com has rapidly grown to serve over 10 million
customers, becoming the world’s largest C2C real estate platform. The
platform's tech-based approach eliminates the role of brokers, helping users
save more than 90% of transaction costs. The company has successfully raised
$151 million in institutional funding from prominent investors such as General
Atlantic, Tiger Global, SAIF Partners, and Beenext.
Perseverance and Growth
Facing financial difficulties, Amit could not afford flight
tickets to meet investors, and his wife, expecting their first child, had to
find a job to help cover their expenses. Fortunately, Teruhide Sato, founder of
BEENEXT, and Elevation Capital came to their aid, eventually helping them raise
$3 million. Despite facing obstacles, including their Bangalore office being
vandalized, Amit and his team persevered. They continued to grow NoBroker.in
into a successful platform, revolutionizing the real estate market by
eliminating brokerage fees and making property transactions more accessible and
affordable.
Biography of Amit Kumar Agarwal: Founder & CEO of NoBroker.com-Entrepreneur/ Success story of Amit Kumar Agarwal/Story of NoBroker.com/Life story Amit
Cutting-Edge Marketplace Model
The platform employs an algorithm-based marketplace that
directly connects property owners with tenants or buyers, ensuring a seamless
and efficient transaction process. Initially focusing on residential rentals,
NoBroker.com has expanded its services to include the buying and selling of
properties and commercial real estate. This makes NoBroker.com the first and
only C2C player to disrupt this segment in India.
Expanding Reach and Services
Since its launch in March 2014, NoBroker.com has expanded
its operations to major Indian cities including Mumbai, Bangalore, Pune, NCR,
Hyderabad, and Chennai. The company has seen explosive growth in terms of
customer base, property listings, and completed transactions. Its business
model is disruptive, capital-efficient, and designed for global scalability.
NoBroker.com monetizes through a freemium subscription model and offers a
one-stop solution with additional services like home loans, packers and movers,
and legal documentation.
Expansion and Growth
NoBroker has grown exponentially, gaining around 500,000 new
customers monthly and reaching a collective customer base of 16 million.
Operating in six major cities—Mumbai, Bangalore, Pune, Chennai, Delhi-NCR, and
Hyderabad—they plan to expand to more cities. Their hard work and patient
approach have finally paid off, establishing them as a leading player in the
real estate market.
The Importance of Hiring Experts
Amit initially thought he could manage everything himself, but
he soon realized the value of hiring experts. The decision to bring in HR and
finance professionals, even when the company was small, proved crucial. Hiring
CA Ashish Shand in 2016 was particularly impactful. Ashish’s dedication and
expertise in finance became a cornerstone for NoBroker’s success, highlighting
the importance of having knowledgeable professionals in key roles.
The Value of Co-Founders
Having co-founders has been essential for NoBroker’s growth.
Amit emphasizes that founding a company alone might seem simpler, but the
reality is much more challenging. Co-founders provide a support system, sharing
insecurities and fears, and collectively making decisions and acting faster.
This collaboration has been vital in navigating the startup’s journey.
Reflecting on the Journey
Reflecting on NoBroker’s journey, Amit never imagined it
would become India’s first proptech unicorn. He admits that starting NoBroker
was a rushed decision and advises others not to leave stable jobs without a
proper plan. Instead, he suggests balancing day jobs with business ideas until
ready to fully commit to a startup. Today, NoBroker’s success stands as a
testament to hard work, patience, and strategic decision-making.
Extensive Experience in Consulting
Amit brings a wealth of experience from his 13-year career,
with 8 years spent in the management consulting division of PwC. During his
tenure at PwC, he focused on the Banking and Financial Services sector, where
he formulated business strategies for top Indian and foreign banks, enhancing
their profitability through large-scale implementations. He led consulting
teams, worked closely with CXOs, and received numerous accolades for his
contributions.
Strategic Leadership at ANZ Bank
Following his success at PwC, Amit joined Australia New
Zealand Bank as the head of the strategy function, reporting directly to the
India CEO. In this role, he formulated the bank's India strategy and played a
crucial role in obtaining two additional branch licenses from the Reserve Bank
of India (RBI).
Passion for Sports
Beyond his professional achievements, Amit has a passion for
sports. He won a badminton championship during his school years and continues
to be an avid squash player. This balance of professional excellence and
personal interests adds depth to his profile as a well-rounded individual.
Amit Kumar Agarwal's journey from a consulting professional
to a pioneering entrepreneur in the real estate sector showcases his vision,
leadership, and dedication to innovation. His work with NoBroker.com is a
testament to his ability to disrupt traditional markets and create value
through technology.
Timeline for story
Circa 1995: Ranked among the top 20 in Uttar Pradesh’s class
10 examination.
1997-2000: Completed Bachelor of Technology in Civil
Engineering from IIT Kanpur.
2002: Joined IIM Ahmedabad for an MBA.
May 2000 - May 2002: Worked as an Analyst at Cognizant
Technology Solutions.
2004-2012: Worked at PwC, focusing on banking and financial
services consulting.
2012-2014: Served as Head of Strategy at Australia New
Zealand Bank (ANZ).
Early 2014: Founded NoBroker.com to eliminate real estate
brokerage fees.
March 2014: Launched NoBroker.in from Amit’s home.
Mid-2014: Faced physical attacks and funding challenges but
persevered.
2016: Secured crucial hires like CA Ashish Shand for
NoBroker’s success.
2019: Raised $151 million in funding from major investors.
2021: Achieved unicorn status with a $211.6 million Series E
round.
2024: NoBroker.com becomes the world’s largest C2C real
estate platform.
