Real Estate Startup NoBroker Makes Its First Acquisition With Society Connect
The acquisition will strengthen NoBroker’s visitor and community management app, NoBrokerHood’s hold in the community and visitor management space by combining with the efficiencies of Society Connect’s Enterprise Resource System.
Proptech startup, NoBroker has recently acquired the apartment management solution provider, Society Connect in an all-cash deal. The acquisition will strengthen NoBroker’s visitor and community management app, NoBrokerHood’s hold in the community and visitor management space by combining with the efficiencies of Society Connect’s Enterprise Resource System. In addition, this acquisition will also strengthen the platform’s presence in the Delhi-NCR region.
Speaking about the acquisition, Amit Agarwal, co-founder and CEO of NoBroker said, “One of the major problems which residential societies face is of annual audits. Earlier, these societies used to maintain Excel sheets for auditing. But the team at Society Connect built a software, where you just have to input details like your vendor bills, petty cash balances and the platform will create the balance sheet. With this acquisition, NoBrokerHood, which was predominantly into community and facility management, will also have financial management to residential societies, all in one app.”
As a part of the acquisition, the founders and employees of Society Connect will join NoBrokerHood which will also add another 500 residential societies to its platform taking its entire customer base to 1,500 societies.
NoBrokerHood, is currently present across 11 cities including Bangalore, Mumbai, Pune, Hyderabad, Chennai, and Delhi-NCR. Founded in 2019, the real estate startup has raised a total funding of $121 million to date, and claims to have more than 7.5 million registered users
Akhil Gupta, Co-founder and Chief Technology Officer of NoBroker.com said, “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 society living experience”.
Society Connect was founded by Sourav Mukerjee, Shobhna Arora, and Manish Kumar Gupta in 2016 is an integrated platform to manage everyday property operations. It provides technological solutions for the societies and helps them with complaint management, dues tracking and payment, parking, notices, e-bills, accounting, visitor management, and staff attendance etc.
Commenting on the acquisition, Shobhna, founder Society Control said, “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.”
At present, Society Connect is deployed with realty players including 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.