Delhi-NCR based real estate marketplace Clicbrics has raised $3 Mn in a Pre-Series A funding round. The investment was led by former Tiger Management Lieutenant Manny Singh of Kavi Fund; Peter Mann, fund manager at Gluskin Sheff along with a senior managing director of one a Canadian pension fund and several high profile private investors from USA and Canada.
The company said the funds will be used towards expansion and growth in the Indian market. Clicbrics will continue to focus on Tier 1 and Tier 2 cities targeting the real estate markets.
Founded in 2017 by Rohit Malik, Clicbrics is a real estate marketplace for buyers across all segments. The company uses AI-driven real estate brokerage platform for India. Clicbrics connects customers, brokers and developers within its technology platform.
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The company aims to streamline and harmonize the $4.5 Bn real estate brokerage market in India with an asset light model. Clicbrics team consists of professionals from all segments of real estate, e.g. online real estate, real estate private equity, developers and builders, as well as local experts from real estate brokerage and consultancy services.
Rohit Malik, founder and CEO, Clicbrics, said, “Real estate has tremendous opportunities in India, especially after RERA, and our unique technology platform creates a win-win situation for both buyers and sellers.”
The company offers 360 degree virtual tour of the property to its buyers as well. One of the other features is its AI algorithm to help users identify the right value of their property. It seeks some basic details about the property and its AI-based unique valuation algorithm will calculate the most accurate valuation possible instantly.
Manny Singh, founder of Kavi Asset Management and former Lieutenant at Tiger Management, said, “The SaaSification of businesses is one of the most transformative secular trends in technology today, playing out globally across many different verticals. Clicbrics is the first and only company in India that is SaaSifying the real estate vertical, which is a very large and fragmented market with tremendous white space ahead.”
Real estate sector in India is expected to reach a market size of $1 Tn by 2030 from $120 Bn in 2017 and contribute 13% of the country’s GDP by 2025. Some of the online players in the segment include Quikr, Square Yards, NoBroker.com etc.