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Real estate portal NoBroker, which raised $101 million in Series C and D rounds last year, has acquired Gurugram-based Society Connect in an all-cash deal.
With this acquisition, NoBroker aims to further strengthen its influence in the visitor and community management space, where it has already established a presence with its app NoBrokerHood. This is NoBroker’s first acquisition since its inception in 2014. The financial details of the acquisition were not disclosed.
This acquisition — wrapped up in two months without the involvement of any banker — comes two months after NoBroker launched its services in Delhi-NCR.
Society Connect is a technology mapped platform for society management, with a strong position in Delhi-NCR and adjoining regions with over 500 societies (apartment complexes) using its platform. All 28 employees of Society Connect will now join NoBroker’s 800-strong team.
“Society Connect’s accounting and payment solutions are unparalleled and will strengthen NoBrokerHood’s suite of services, to make it a single software for a host of services such as accounting, facility management, security, maintenance requests, communication and visitor management requests that enhance the living experience in societies” Akhil Gupta, co-founder and CTO of NoBroker.com, told BusinessLine. Society Connect is currently deployed with well known 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, among others. It generates maintenance bills upwards of ₹350 crore per annum.
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.”
“With this acquisition, we aim to become the number 1 player in the society management space by December 2020 with a total of 1 million flats, compared to over 2 lakh flats that use the NoBrokerHood app at present” said Amit Agarwal, co-founder and CEO of NoBroker.com.
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