BroEx, a Gurgaon-based online real estate broker network has raised $1 million in a seed funding round from Lightspeed India. With this fresh infusion, it is planning to expand its presence in tier I, II and III cities. It will also invest in product development and launch complimentary products and services for brokers to facilitate transactions.
Founded in 2014 by Pallav Pandey and Mukul Kumar, BroEx is a networking app which helps real estate brokers in finding inventories and requirements with brokers in and beyond their network.
Along withe broker networking, the company also provides services like property search which enables broker to precisely search for properties, and Newsfeed, which provides all the news related to the property market from surrounding area.
Its mobile app is available on Android as well as on iOS. The company claims that its network has more than 25,000 brokers across major cities such as Delhi-NCR, Mumbai, Bangalore, Pune, Ahmedabad and Jaipur.
Pallav Pandey, Co-founder & CEO, BroEx, said,
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.
Dev Khare, Managing Director at Lightspeed India, said,
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.
Currently, the real estate market of India is dominated by over 500,000 independent brokers and agencies and generates $4 billion in brokerage fee income for real estate sales and rentals annually.
Recently, many start-up working in the real estate sector has raised funding. Earlier this week, NestAway raised $12 million from Flipkart and Tiger Global. NoBroker has raised $3 million in Series A round in February 2015.