BroEx has raised seed funding of USD 1 million from Lightspeed India. It caters to the network of real estate brokers.
It is an application that helps brokers find other trusted brokers with complimentary requirements and inventory so that deals can be closed faster and customers can be served better.
The app network is currently used by 25,000 brokers across cities like Delhi-NCR, Mumbai, Bengaluru, Pune, Ahmedabad, and Jaipur.
According to Pallav Pandey, Co-founder & CEO –
“Our aim is to re-define the real estate opportunity in India with brokers at the centre of the market. This round of funding will help us consolidate our position through team building and product enhancement. The funding will also help us make BroEx the preferred network and channel of communication for brokers, and also get us ready to power transactions through our platform,”
The company plans to deploy funds to expand to Tier I, II, and III cities. Additionally, it will also be allocated for the next level of product development, including launching complimentary products and services for brokers to facilitate transactions.
According to Dev Khare, Managing Director @ Lightspeed India –
“Real estate in India is a deep and relatively untapped opportunity with a number of unsolved problems. We believe that the experienced founding team at Oku Tech is a very solid foundation to disrupt the current status quo in the market”
The real estate brokerage market in India has –
- 500,000 independent brokers
- Generates $4 billion in brokerage fee income for real estate sales and rentals annually.
- Too Fragmented Market with restricts the ability to collaborate effectively.
- Propstack raised a $3 million Series A funding in participation with Real Capital Analytics.
- NoBroker raised $3 million in its Series A funding from SAIF Partners and Fulcrum Ventures.