NoBroker’s Profit Push, Klydo Halts Ops & More

NoBroker Rewrites Playbook In Search Of Profits

After a decade, the proptech unicorn is shifting from a pure listings engine to a home-buying marketplace and a multi-vertical consumer ecosystem. So, can ancillary services finally deliver profitability for NoBroker?

Ditching The Freemium Model: For a long time, NoBroker offered free access to nearly 90% of its users. But it is now rejigging its monetisation model and focusing more on high-margin property resales and real estate launches. With this, the platform is moving to replace traditional real estate channel partners and capture lucrative broker commissions.

The Fintech Extension: Financial services have become a key monetisation layer, accounting for over 22% of its revenue in FY26. NoBroker’s home loan aggregation model matches buyers with banks and NBFCs, handles documentation, and earns referral fees from lenders. The logic is straightforward: leverage verified leads from its rental platform to dramatically lower user acquisition costs and then offer loans to these homebuyers.

The Services Push: NoBroker is also widening its claws into services such as registration, rental agreements, home improvement, moving, packing, interiors and consumer beauty (with newly-launched Zivora). These offerings are designed to keep users inside the ecosystem longer and generate repeat revenue from the same home journey. 

The Profit Dilemma: While the opportunity is large, NoBroker’s economics still remain uncertain. It hasn’t filed audited disclosures since FY24, when it reported a ₹411 Cr loss. On top of this, services are operationally intensive and often carry thin margins, while fintech revenues depend on keeping users from leaking out of the funnel. The unicorn also faces a wider set of rivals now, from 99acres and MagicBricks to Urban Company and Livspace. 

Despite its stated 15-month timeline to achieve profitability, can NoBroker turn adjacent services into a durable profit engine? Let’s find out… 

From The Editor’s Desk

Klydo Pauses Ops

• Less than a year after its launch, the fashion-focused quick commerce startup is winding up its consumer business. It now plans to pivot its  business around a “sharper product vision”.
• Founded in 2025, Klydo offered deliveries of fashion, footwear, accessories and gifting products within 15 to 30 minutes in Bengaluru. It has raised $1.3 Mn in funding so far.
• The development comes as a slew of vertical quick commerce players like Blip and Zing have shut shop in the past year due to high inventory requirements, low sell-through rates, persistent cash burn and elusive profitability in the space. 

Graph AI Eyes $14 Mn

• The pharmaceutical-focused AI startup is in talks to raise about ₹133 Cr in its Series A round, which will likely be led by US-based Insights Partners. Although discussions are still underway, the round will also see participation from other existing backers. 
• Founded in 2024, Graph AI offers an AI-native platform to automate adverse drug event monitoring and regulatory submissions. This comes eight months after the startup raised $3 Mn in a seed round led by Bessemer Venture Partners. 
• The talks come as AI has emerged as the flavour of the season, and is attracting healthy investor interest. Overall, Indian AI startups funding surged over 4X YoY to $676 Mn during the first six months of 2026.  

RentoMojo’s IPO Gets Nod

• The furniture and appliance rental startup has received the markets regulator’s nod to float its public issue. The approval comes over three months after it filed its draft IPO papers. 
• As per its DRHP, the proposed issue will comprise a fresh issue of shares worth up to ₹150 Cr and an OFS component of up to 2.84 Cr shares. The nod comes even as the startup is embroiled in a legal dispute with its cofounder Ajay Nain over the listing.
• Founded in 2014, RentoMojo offers subscription-based rentals of furniture, appliances and home essentials across 22 Indian cities. On the financial front, the startup reported a profit of ₹61.4 Cr on an operating revenue of ₹176.6 Cr in H1 FY26.

Cyber Fraud At Capillary Arm

• The SaaS company has said that one of its “recently acquired step-down subsidiaries” was hit by a cyber-enabled banking fraud last week, leading to a loss of €3 Mn (about ₹32.7 Cr).
• The funds were allegedly transferred to an unauthorised third-party bank account using advanced deepfake methods including cloning, signature forging, social engineering to impersonate the company’s senior management.
• While it claims to have recovered €450K, Capillary said that it has also traced bank accounts suspected to be connected to the fraud. It has also taken legal measures, and is also evaluating the extent of insurance coverage and recoverability.

Flipkart’s ESOP Buyback Scheme

• The ecommerce major has announced its latest ESOP liquidity event, the second one in the past year. Under this, eligible employees will be able to sell up to 5% of their outstanding options vested over the past three years.
• The Walmart-owned decacorn has fixed the liquidity price at ₹713.4 per option, with payouts scheduled for August 2026. This follows Flipkart announcing a $50 Mn ESOP buyback programme.
• The liquidity event comes as the startup looks to retain talent as it expands across new verticals and scales its quick commerce vertical. It was previously also exploring a $2.5 Bn fundraise in the run up to its IPO, which has now been deferred to at least 2028.

Inc42 Markets

Inc42 Startup Spotlight

How IINDEPRO Is Powering Indigenous Drones

India’s drone tech boom has so far largely focused on building UAVs. Yet, the ecosystem still lacks domestic control over propulsion systems, 90% of which are imported. IINDEPRO is trying to fix this gap with Made-in-India drone motors.

The Indigenous Stack: Founded in 2023, IINDEPRO focuses on the core hardware inside UAVs, especially high-performance BLDC motors and propulsion systems. The Rajkot-based startup is also developing axial-flux motor systems designed to improve efficiency, durability, and flight endurance. 

A Broad Portfolio: The startup sells five motor series, with prices ranging from ₹3,000 to ₹25,000. It also manufactures electronic speed controllers, and claims to have built a portfolio of 18 SKUs and nearly 400 products so far. This breadth suggests a deliberate push to become a serious components supplier, rather than a niche vendor.

Aiming For The Skies: IINDEPRO claims that components are used across FPV drones, surveillance platforms, VTOL aircrafts, agricultural drones and defence-oriented systems, giving it exposure to both commercial and strategic use cases. With the homegrown drone tech sector projected to become a $3.2 Bn market by 2030, can IINDEPRO become India’s drone industry’s backbone?

Infographic Of The Day

India’s biggest giants have snapped up many D2C brands, from BigBasket to Minimalist, to bolster their portfolios and skip building from scratch. Here’s the great Indian D2C buyout, mapped in one infographic…

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